# CAD/JPY Rising Channel Break (January 23, 2014)

Source: https://www.tradersway.com/resources/market-info/cad-jpy-rising-channel-break-january-23-2014/
Language: en
Updated: 2014-01-23

CAD/JPY might be in for more losses, as the pair just broke below the support of the rising channel on its 4-hour time frame. Stochastic is already in the oversold zone but hasn’t crossed upwards, indicating that sellers have enough momentum to push the pair even lower.



Shorting at market with a stop above the channel support and a target of the previous lows around the 92.00 major psychological level could yield a high return on risk for a quick day trade.



![CAD/JPY Rising Channel Break (January 23, 2014)]



Bear in mind that the BOC just hinted that they are ready to cut interest rates if inflation remains weak and the Loonie remains strong.



*By Kate Curtis from Trader’s Way*