CADJPY Wave Analysis

  • CADJPY reversed from support level 106.75
  • Likely to rise to resistance level 108.00

CADJPY currency pair recently reversed up from the key support level 106.75 (which stopped the previous waves A and (2)), coinciding with the lower daily Bollinger Band and the 38.2% Fibonacci correction of the upward impulse from the end of July.

The upward reversal from the support level 106.75 continues the active intermediate impulse wave (3) from the middle of August.

Given the clear daily uptrend and the strong yen sales, CADJPY can be expected to rise further toward the next resistance level 108.00 (top of the previous waves (1) and B).

FxPro is an award-winning online broker offering Contracts for Difference (CFDs) on forex, futures, spot indices, shares, spot metals and spot energies. FxPro serves clients in over 150 countries worldwide and offers multilingual customer support 24/5. Trading CFDs involves significant risk of loss.

Featured Analysis

Learn Forex Trading