Daily Forex Update: CAD/JPY

By: Dima Chernovolov

CAD/JPY continues to fall inside the Uniform Triangle chart pattern which was previously identified by Autochartist on the daily charts. The Quality of this Triangle is rated by Autochartist at the 5 bar level – which reflects the slow Initial Trend (one bar), high Uniformity (8 bars) and average Clarity (5 bars). CAD/JPY is expected to fall toward the lower support trendline of this Triangle – which is also indicated by the second chart pattern, shown below.

12092016dailyfximage1

As can be seen from following chart – the pair also recently broke the Key Support level 78.5760, which was earlier identified by Autochartist on the 4-hour charts. CAD/JPY is expected to fall to the Forecast Price 77.0319 (standing below the support trendline of the aforementioned Triangle) – which adds to the probability the pair will continue to fall tomorrow.

12092016dailyfximage2

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