CADJPY Wave Analysis – 14 November, 2022

• CADJPY reversed from support level 104.90

• Likely to rise to resistance level 107.25

CADJPY reversed up from the key support level 104.90 (which has been reversing the price from August), 50% Fibonacci correction of the upward impulse form May, standing near the lower daily Bollinger Band.

The upward reversal from the support level 104.90 stopped the earlier short-term impulse wave (iii).

Given the clear daily uptrend, CADJPY can be expected to rise further toward the next resistance level 107.25 (former support from the end of October).