CAD/JPY is moving up inside the Rising Wedge chart pattern identified by Autochartist on the daily charts. The Quality of this chart pattern is rated at the 5 bar level as a result of the low Initial Trend (2 bars), average Uniformity (5 bars) and near-maximum Clarity (measured at the 9 bar level). This chart pattern continues the medium-term uptrend visible on the daily charts. The price has recently reversed up with Hummer Japanese Candlestick pattern that formed at the intersection of the two support levels - the 38,2% Fibonacci Retracement of the preceding upward impulse and the uptrend support line from the 29.10.2010 that also passes through the first connecting point of the lower support line of this chart pattern. The price is expected to rise further in the coming sessions.
As you can see from the PowerStats image below, all of the daily Expected Price Range for tomorrow for CAD/JPY stands well above the upper support line of this Rising Wedge. This heightens the chances that the upward movement will continue tomorrow.
For further information on this and other Autochartist products visit www.autochartist.com