CADJPY Wave Analysis – 20 December, 2019

CADJPY reversed from resistance area
Likely to fall to 82.50

CADJPY recently reversed down from the resistance area lying between resistance level 83.60 (top of the previous wave (A)), resistance level 83.20 (monthly high from July) and the upper daily Bollinger Band.

The downward reversal from this resistance area started the active short-term corrective wave 4.

CADJPY is expected to fall further toward the next support level 82,50 (top of the previous impulse wave 1 from last month).

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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Tags: CADJPY

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