Daily Forex Update: CAD/JPY

By: Dima Chernovolov

CAD/JPY has been falling steadily in the last few trading sessions – after the price broke the support trendline of the Uniform Triangle chart pattern, which was previously identified by Autochartist on the daily charts. Autochartist rates the Quality of this Triangle at the 4 bar level – which reflects the low Initial Trend (one bar), strong Uniformity (8 bars) and average Clarity (5 bars). The breakout of this Triangle was accompanied by the increase in the trading Volume – which strengthened the bearish pressure on this currency pair.

26092016dailyfximage1

As you can see from the PowerStats chart below, the lower border of the daily Expected Price Range calculated for this currency pair (74.97) stands well below the forecast price calculated by Autochartist from the breakout of this Triangle (75.53) – which adds to the likelihood CAD/JPY will continue to fall tomorrow.

26092016dailyfximage2

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