CADJPY Wave Analysis – 16 August, 2021

• CADJPY reversed from resistance area

• Likely to fall to support level 86.65

CADJPY currency pair recently reversed down from the resistance area located between the resistance level 88.25 (top of the previous wave (1)) the upper daily Bollinger band.

This resistance zone was strengthened by the 50%Fibonacci correction of the downward ABC correction from the end of May.

CADJPY currency pair can be expected to fall further toward the next support level 86.65 (low of the previous correction (2) and the target for the completion of wave 2).