CADJPY Wave Analysis – 07 February, 2019

• CADJPY reversed from resistance area
• Further losses are likely

CADJPY recently reversed down sharply from the resistance area lying between the strong resistance level 84.00 (former major support from August, September and December), upper daily Bollinger Band and the 61.8% Fibonacci correction of the downward impulse (C) from October.

The downward reversal from this resistance area started the active short-term correction (ii).

CADJPY is expected to fall further and re-test the next support level 81.70 (low of the previous correction 2 from January).