Categories: Technical analysis

CADJPY Wave Analysis – 10 July, 2020

• CADJPY reversed from resistance area

• Likely to fall to 78.20

CADJPY recently reversed down with the daily Bearish Engulfing from the resistance area lying between the resistance level 79.60, upper daily Bollinger band and the 38.2% Fibonacci correction of the downward impulse from June.

The downward reversal from this resistance area started the active impulse wave (C).

CADJPY is likely to fall further toward the next support level 78.20 (lower boundary of the narrow price range inside which the pair has been trading from the middle of June).

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.

Share
Published by
The FxPro Tech Analysis Team
Tags: CADJPY

Recent Posts

Nasdaq 100 Wave Analysis 23 December 2024

- Nasdaq 100 reversed from strong support level 21000.00 - Likely to rise to resistance…

1 day ago

USDJPY Wave Analysis 23 December 2024

- USDJPY reversed from key support level 156.35 - Likely to rise to resistance level…

1 day ago

US indices: has the bullish trend broken?

The recent declines in US indices may have broken the bullish trend, indicated by technical…

2 days ago

Dollar: Slowing Momentum, Same Direction

The dollar has paused its strengthening, as weaker-than-expected inflation data reduces fear of future Fed…

2 days ago

Bitcoin Fell Back to Local Support

Bitcoin finds support near the 50-day moving average, but further declines in the stock market…

2 days ago

EURCHF Wave Analysis 20 December 2024

- EURCHF falling inside minor impulse wave 5 - Likely to fall to support level…

5 days ago

This website uses cookies