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If we look at the 4-hour chart, the CAD/JPY cross currency pair appears to be moving harmoniously within the Bullish Pitchfork channel supported by the appearance of deviations between the price movement of the currency and the Stochastic Oscillator indicator and also the price movement is above the WMA (20) which also has a slope that dives upwards, then it is confirmed that the momentum in CAD/JPY is currently strengthening where as long as there is no significant weakening correction, especially if it breaks below the 102.96 level, CAD/JPY will try to test the 105.41 level or the Middle Line of the Bullish Pitchfork. If it is successfully broken, CAD/JPY has the potential to continue its strengthening to 107.34 or the Upper Line of the Bullish Pitchfork, even if the momentum and volatility support 108.53, it will be the next target to be aimed for.
(Disclaimer)
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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