Market Snapshots

CADJPY Wave Analysis – 29 May, 2020

CADJPY Wave Analysis – 29 May, 2020

• CADJPY reversed from resistance area
• Likely to fall to 77.00

CADJPY recently reversed down from the resistance area lying between the resistance level 78.25 (which has been reversing the price from the start of March), upper daily Bollinger band and 38.2% Fibonacci correction of the previous downward impulse from February.

The downward reversal from the resistance level 78.25 stopped the earlier impulse wave (iii).

CADJPY is likely to fall further toward the next support level 77.00 (former top of the previous waves (ii), (a) and 1).]

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