CADJPY Wave Analysis – 19 March, 2020

• CADJPY reversed from key support level 74.70
• Likely to rise to 76.50

CADJPY recently reversed up from the key support level 74.70 (which is the lower boundary of the strong multi-year support zone which has been reversing the pair from the middle of 2016).

The aforementioned support zone was further strengthened by the lower weekly Bollinger Band.

With pervasive bearish Yen sentiment seen today – CADJPY is likely to rise further toward the next resistance level 76.50 (former support from the start of 2019).