Market Snapshots

CADJPY Wave Analysis – 13 April, 2020

CADJPY Wave Analysis – 13 April, 2020
  • CADJPY reversed from resistance level 76.00
  • Likely to fall to 75.00

CADJPY recently reversed down from the resistance level 78,00 (which stopped the previous waves (B) and (1)).

The resistance area near the resistance level 78,00 was strengthened by the upper daily Bollinger Band and by the 38.2% Fibonacci retracement of the previous downward impulse from February.

CADJPY is likely to fall toward the next support level 76.00 – the breakout of which can lead to further losses toward the next support level 75.00.

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