Technical analysis

CADJPY Wave Analysis 1 March 2024

– CADJPY reversed from key support level 110.30

– Likely to rise to resistance level 112.00

CADJPY currency pair recently reversed up from the key support level 110.30 (former strong resistance from January).

The support level 110.30 was strengthened by the lower daily Bollinger Band and by the 38.2% Fibonacci correction of the previous upward impulse 1 from January.

Given the clear daily uptrend, CADJPY currency pair can be expected to rise further toward the next resistance level 112.00 (which stopped the previous impulse wave 1).

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