Technical analysis

CADJPY Wave Analysis 11 October 2023

– CADJPY reversed from support level 108.00

– Likely to rise to resistance level 110.35

CADJPY currency pair recently reversed up from the pivotal support level 108.00 (former key resistance from July and August), intersecting with the lower daily Bollinger Band.

The upward reversal from the support level 108.00 started the active short-term impulse wave 3 of the intermediate impulse wave (3) from the middle of August.

Given the clear daily uptrend and the continued yen sales, CADJPY can be expected to rise further toward the next resistance level 110.35.

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