Daily Forex Update: CAD/JPY
AutoChartist | Aug 19, 2014 02:07AM ET
CAD/JPY continues to rise after the recent breakout of the daily down channel that was earlier identified by Autochartist – as you can see from the following trade opportunity alert for this currency pair. After breaking this down channel the price rose sharply to the resistance level 94.48 (point B) and then corrected down to the level of the breakout – from where CAD/JPY resumed the upward movement. CAD/JPY is expected to reach the target level 94.98 in the next 4 trading days.
As you can see from the following Volatility Analysis chart, all of the daily Expected Price Range calculated by Autochartist for this pair (from 93.75 to 94.63) stands above the broken resistance trendline of this down channel – which adds to the probability CAD/JPY will continue to rise toward the target level 94.98 tomorrow.
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