CADJPY: ⬇️ Sell
- CADJPY reversed from the resistance area
- Likely to fall to support level 104.75
CADJPY currency pair recently reversed down from the resistance area between the resistance level 106.85, the upper daily Bollinger Band and the 50% Fibonacci correction of the extended downward impulse from November.
The downward reversal from this resistance area created the daily Japanese candlesticks reversal pattern Shooting Star, which stopped the previous minor impulse wave 3.
Given the strength of the resistance level 106.85, CADJPY currency pair can be expected to fall to the next support level 104.75 (which reversed the pair earlier this month).
