CADJPY Wave Analysis – 09 January, 2020

CADJPY reversed from resistance area
Likely to fall to 83.00

CADJPY recently reversed down from the resistance area lying between the resistance level 83.80 (which has been reversing the price from last April) and the upper daily Bollinger Band.

The downward reversal from this resistance area is aligned with the active impulse wave (1) – which started at the end of December.

CADJPY is likely to fall further toward the next support level 83.00 (low of the previous short-term correction 4 from last month).

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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