Technical analysis

CADJPY Wave Analysis – 20 July, 2022

CADJPY Wave Analysis – 20 July, 2022

• CADJPY reversed from resistance area

• Likely to fall to support level 106.00

CADJPY currency pair recently reversed down from the resistance area lying between the resistance level 107.25 (previous monthly high from June) and the upper daily Bollinger Band.

The downward reversal from this resistance area stopped the previous multi-impulse sequence made out of waves (iii), 5 and (3).

Given the strength of the resistance level 107.25, CADJPY can be expected to fall further toward the next support level 106.00.

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