CAD/JPY continues to rise after the earlier breakout of the down channel that was previously identified by Autochartist on the daily charts – as can be seen from the following trade alert for this pair. After breaking this down channel CAD/JPY rose strongly to the resistance level 94.48 (B) , then corrected down to the breakout level – from where the pair resumed the upward movement. The price is expected to reach the target level 94.98 in the following 4 trading days.
As can be seen from the next Volatility Analysis chart, entire daily Expected Price Range calculated by Autochartist for this currency pair (from 93.75 to 94.63) stands above the broken upper resistance trendline of this chart pattern – which increases the likelihood CAD/JPY will continue to move toward the target level 94.98 tomorrow.
Published On Tue, Aug 19 2014, 04:31 GMT