Market Snapshots

CADJPY Wave Analysis – 12 August, 2020

CADJPY Wave Analysis – 12 August, 2020

• CADJPY broke round resistance level 80.00

• Likely to rise to 81.65

CADJPY continues to rise after the earlier breakout of the round resistance level 80.00 (former monthly high from July), coinciding with the 50% Fibonacci correction of the previous downward impulse wave 1.

The breakout of the resistance level 80.00 accelerated the active upward impulse wave (c) from the start of July.

July is likely to rise further toward the next resistance level 81.65 (target price for the completion of the active ABC correction 2).

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