Categories: Technical analysis

CADJPY Wave Analysis 20 June 2024

– CADJPY under bullish pressure

– Likely to rise to resistance 117.00

CADJPY currency pair under the bullish pressure after the price broke above the key resistance level 115.40 (which stopped the previous impulse wave 1 at end of May).

The breakout of the resistance level 115.40 accelerated the active impulse waves 3 and (3).

Given the clear multi-month uptrend and the continuation of the bearish yen sentiment, CADJPY currency pair can be expected to rise further to the next resistance level 117.00.

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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