CAD/JPY has recently completed the Uniform Triangle chart pattern identified by Autochartist on the 4-hour charts. The overall Quality of this chart pattern is measured at the 3 bar level as a result of the slow Initial Trend (rated at the 2 bar level), substantial Uniformity (8 bars) and low Clarity. The high Uniformity reflects the even distribution of the connecting points of the lower and the upper trendlines of this Triangle. This chart pattern continues the prevailing downtrend visible on the daily and the weekly CAD/JPY charts. The top of this chart pattern (point A on the chart below) formed when the pair reversed down from the strong resistance area made out the horizontal resistance level 85.00 and the downward sloping weekly resistance trendline connecting the monthly highs from the April of 2010 as well as from the April of 2011 (as is shown on the second chart below). The pair is expected to fall further toward the Forecast Price 81.47.
The following longer-term weekly CAD/JPY chart shows the technical price levels mentioned above:
CAD/JPY" title="CAD/JPY" width="599" height="609">
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Daily Forex Update: CAD/JPY
Published 03/30/2012, 06:30 AM
Updated 03/09/2019, 08:30 AM
Daily Forex Update: CAD/JPY
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