Technical analysis

CADJPY Wave Analysis 12 March 2024

– CADJPY reversed from support level 109.00

– Likely to rise to resistance level 110.00d

CADJPY currency pair recently reversed up from the support level 109.00 (low of the previous correction 4) coinciding with the lower daily Bollinger Band and the 38.2% Fibonacci correction of the upward impulse (1) from December.

The upward reversal from the support level 109.00 stopped the C-wave of the active ABC correction (2) from the end of February.

Given the resumption of the yen sales and the strong daily uptrend, CADJPY currency pair can be expected to rise further toward the next resistance level 110.00 (former low of wave A).

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