CADJPY Wave Analysis – 10 May 2023

• CADJPY reversed from pivotal resistance level 101.00

• Likely to fall to support level 99,00

CADJPY earlier reversed down once again from the pivotal resistance level 101.00 (which has reversed the pair multiple times from December), strengthened by the upper daily Bollinger Band.

The downward reversal from the resistance level 101.00 stopped the previous impulse wave C.

Given the bearish divergence on the daily Stochastic, CADJPY can be expected to fall further toward the next support level 99,00.