Technical analysis

CADJPY Wave Analysis 11 June 2024

– CADJPY reversed from key support level 113.00

– Likely to rise to resistance 115.40

CADJPY currency pair recently reversed up from the key support level 113.00 (that reversed the pair with the daily Hammer in the middle of May, as can be seen below).

The support level 113.00 was strengthened by the lower daily Bollinger Band and by the 50% Fibonacci correction of the previous upward impulse from March.

Given the predominant daily uptrend and the bearish yen sentiment, CADJPY be expected to rise further to the next resistance 115.40, top of the previous wave 1.

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