Technical analysis

CADJPY Wave Analysis 20 November 2023

– CADJPY reversed from the long-term resistance level 110.30

– Likely to fall to support level 107.50

CADJPY currency pair recently reversed down from the long-term resistance level 110.30 (former yearly high, Double Top from last year) strengthened by the upper weekly Bollinger Band.

The downward reversal from the resistance level 110.30 stopped the previous medium-term impulse wave (3).

Given the strength of the resistance level 110.30 and the strongly bearish CAD sentiment seen across the FX markets today, CADJPY currency pair can be expected to fall toward the next support level 107.50 (low of the previous correction (2)).

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