Market Snapshots

CADJPY Wave Analysis – 2 June, 2020

CADJPY Wave Analysis – 2 June, 2020

• CADJPY broke resistance zone

• Likely to rise to 81.00

CADJPY recently broke through the resistance zone lying between the resistance level 79.80, standing near and the 50% Fibonacci correction of the previous downward impulse from February.

The breakout of the resistance level 79.80 accelerated the active short-term impulse wave (3) from the end of May.

CADJPY is expected to rise further toward the next resistance level 81.00 (likely price for the completion of the active impulse wave (3)).

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