CAD/JPY reaches short term resistance
Recently the Canadian Dollar bounced off a dominant channel up pattern’s lower trend line against the Japanese Yen. As a result of the rebound a short term ascending channel pattern has revealed itself.
The pattern is set to guide the Loonie higher in its surge against the Japanese Yen. However, there is one issue. The dominant pattern is a much larger scale than the junior pattern, which means that something is missing. The missing part is a medium scale pattern. It is most likely going to reveal itself in the near future.
Meanwhile, in regards to the short term, the weekly R2 at 88.6730 is the next target for the currency exchange rate.
The pattern is set to guide the Loonie higher in its surge against the Japanese Yen. However, there is one issue. The dominant pattern is a much larger scale than the junior pattern, which means that something is missing. The missing part is a medium scale pattern. It is most likely going to reveal itself in the near future.
Meanwhile, in regards to the short term, the weekly R2 at 88.6730 is the next target for the currency exchange rate.
It could be observed only couple of hours later that the short term pattern did not hold its ground. Due to that factor one should think about trying to find the medium scale pattern, which is most likely going to be a bullish one.