CADJPY Wave Analysis – 04 March, 2020

• CADJPY reversed from support zone
• Likely to rise to 81.00

CADJPY recently reversed up from the support zone lying between the round support level 80.00 (monthly low from last October) and the lower daily Bollinger Band.

The upward reversal from this support zone started the active short-term corrective wave (B).

CADJPY is likely to rise further in the active correction (B) toward the next resistance level 81.00 – the breakout of which can lead to further gains toward 81.60 (former monthly low from January).