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CAD/JPY Long-Term Selloff (July 29, 2014)
CAD/JPY has been moving inside a descending triangle pattern on its daily forex time frame, as price made lower highs and found support at the 92.00 major psychological level.
The pair has just come off a test of resistance and may be heading back down for another test of support, although stochastic is moving out of the oversold area. Price might pull up for a bit before heading lower, which would be a potential 200-pip drop.
Shorting at market with a stop above the triangle or the 95.00 handle could yield more than a 2:1 return on risk. Strong data from Japan could lead to more gains for the yen, especially against the Canadian dollar as Canada has seen a lot of weak reports recently.
By Kate Curtis from Trader's Way
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