Categories: Technical analysis

CADJPY Wave Analysis – 12 August, 2019

  • CADJPY broke round support level 80.00
  • Further losses are likely

CADJPY recently broke below the round support level 80.00 (which stopped the sharp downward impulse wave 1 at the end of May, as can be seen below).

The breakout of this support level accelerated the active short-term impulse wave 3 – which belongs to the medium-term impulse wave (C) from February.

CADJPY is expected to fall further and retest the next support level 79.00 (which reversed the price earlier this month).

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.

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Tags: CADJPY

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