CAD/JPY to approach target level 92.02 in 10 hours

by Admin

As can be seen from this trade opportunity alert that I received today, CAD/JPY is expected to reach the target level 92.02 in the following 10 hours.

This target level (point A) corresponds to the last reversal point of the support trendline of the 4-hour Descending Triangle chart pattern identified by Autochartist (which is still is the process of forming). Autochartist sets the stop level for this bearish forecast at 93.547 (point B, the last connecting point of the upper trendline of the aforementioned Descending Triangle). CAD/JPY recently reversed down from the long-term resistance level 94.50 which stopped and reversed the sharp uptrend in April of 2010.

The presence of the downward sloping moving average increases the chances that that CAD/JPY will reach 92.02 in 10 hours.

CADJPY

The weekly CAD/JPY chart below demonstrates the previous price action near the long-term resistance level 94.50:

CADJPY