Technical analysis

CADJPY Wave Analysis – 17 May 2023


• CADJPY broke key resistance level 101.00

• Likely to rise to resistance level 103.00 

CADJPY under the bullish pressure after the earlier breakout of the key resistance level 101.00 (which has been reversing the pair from the start of December).

The breakout of the resistance level 101.00 continues the C-wave of the active intermediate ABC correction (2) from the start of May.

CADJPY can be expected to rise further toward the next resistance level 103.00 (forecast price for the completion of the active ABC correction (2)).

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