Technical analysis

CADJPY Analysis 09 November, 2020

CADJPY Analysis 09 November, 2020

• CADJPY broke resistance area

• Likely to rise to 81.65

CADJPY today broke sharply above the resistance area located between the resistance level 80.50 (which reversed the price twice in October) and the 61.8 % Fibonacci correction of the previous downward impulse from August.

The breakout of this resistance area accelerated the (c)-wave of the active minor ABC correction (ii) from the end of October.

CADJPY is likely to rise further toward the next resistance level 81.65 (top of the previous waves (2) and 2 and the target for the completion of the active ABC correction (ii)).

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