Daily Forex Update: CAD/JPY
AutoChartist | Aug 12, 2014 01:36AM ET
Autochartist recently identified the Down Channel chart pattern on the 4-hour CAD/JPY charts – as can be seen from the following trade opportunity alert for this currency pair. The pair is expected to break this Down Channel and then to rise to the target level 93.82 in the next 2 days. Autochartist set the stop-level for this forecast at 92.73 (point A). This point formed recently, when the price reversed up from the support zone lying between the support level 92.70 (which also earlier reversed CAD/JPY with the daily Morning Star in May) and 61.8% Fibonacci Correction of the previous upward impulse from March.
The daily CAD/JPY chart below shows the aforementioned support levels:
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