Technical analysis

CADJPY Wave Analysis 2 July 2024

– CADJPY broke key resistance level 117.00

– Likely to reach resistance level 119.00

CADJPY currency pair recently broke through the key resistance level 117.00 (which stopped the pervious sharp upward impulse wave (1) at the end of April, as can be seen below).

The breakout of the resistance level 117.00 accelerated the active impulse wave 3 of the higher order impulse wave (3) from the start of May.

Given the clear daily uptrend and the continuation of the strong yen sales, CADJPY currency pair can be expected to rise further toward the next resistance level 119.00.

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