Technical analysis

CADJPY Wave Analysis – 19 August, 2021

• CADJPY broke support zone

• Likely to fall to support level 85.40

CADJPY currency pair previously broke the support zone lying between the support level 86.65 (low of the previous correction (a)) and the 61.8% Fibonacci correction of the upward impusle (1) from July.

The breakout of this support zone accelerated the C-wave of the active intermediate ABC correction (2) from the start of August.

CADJPY currency pair can be expected to fall further toward the next support level 85.40 (monthly low from April and July and the target for the completion of wave C).

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