Technical analysis

CADJPY Wave Analysis 15 December 2023

– CADJPY reversed from support level 104.60

– Likely to rise to resistance level 107.00

CADJPY today reversed up from the key support 104.60 (which has been repeatedly reversing the price from July) standing below the lower daily Bollinger Band.

The key support 104.60 was strengthened by the 38.2% Fibonacci correction of the upward impulse from March.

Given predominant uptrend, CADJPY currency pair can be expected to rise to the next resistance level 107.00 (former support from August).

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