Patterns: CAD/JPY, ZAR/JPY
|CAD/JPY 4H Chart: Bears could prevail in market
Since the beginning of August, the CAD/JPY currency pair has been trading downwards within a falling wedge pattern.
From a theoretical point of view, it is likely that the exchange rate could decline within the predetermined pattern in the medium term.
On the other hand, the currency pair could gain support from the 100-period moving average near 79.50. Thus, a breakout north could occur, and the pair could target the Fibo 50.00% at 82.95.
ZAR/JPY 4H Chart: Two scenarios likely
The ZAR/JPY exchange rate continued to trade within the symmetrical triangle pattern.
From a theoretical perspective, it is likely that the currency pair could continue to trade sideways within the predetermined pattern until the second half of November.
Meanwhile, note that the exchange rate is pressured by the 55-, 100– and 200-period SMAs in the 6.25/6.40 area. Thus, a breakout south could occur, and the rate could decline to the psychological level at 6.00.
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