Technical analysis

CADJPY Wave Analysis – 12 October, 2021

CADJPY Wave Analysis – 12 October, 2021

• CADJPY reversed from resistance zone

• Likely to fall to support level 90.00

CADJPY currency pair today reversed down from the resistance zone lying between the multi-month resistance level 91.20 (which stopped the sharp uptrend in June) and the upper daily Bollinger Band.

The downward reversal from this resistance zone stopped the earlier impulse waves 3 and (3).

Given the strength of the aforementioned resistance zone, CADJPY currency pair can be expected to fall further toward the next support level 90.00 (former resistance from June and July).

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