Market Snapshots

CADJPY Wave Analysis – 27 March, 2020

CADJPY Wave Analysis – 27 March, 2020
  • CADJPY reversed from resistance area
  • Likely to fall to 76.00

CADJPY recently reversed down from the resistance area lying between the pivotal resistance level 78.37 (top of the previous wave (B) and the former multi-month support from August, acting as the resistance after it was broken by the previous impulse wave (A)).

The resistance zone near the resistance level 78.37 was strengthened by the 38.2% Fibonacci retracement level of the previous impulse wave (A) from December.

CADJPY is likely to fall further toward the next support level 76.00 (which reversed the price earlier this month).

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