Technical analysis

CADJPY Wave Analysis – 21 April 2023     


• CADJPY reversed from resistance level 100.50

• Likely to fall to support level 98.00

CADJPY currency pair recently reversed down from the pivotal resistance level 100.50 (which has been reversing the price from the middle of December) coinciding with the upper daily Bollinger Band and the 38.2% Fibonacci correction of the downward impulse from October.

The downward reversal from the resistance level 100.50 stopped the previous minor ABC correction 2.

Given the strong daily downtrend, CADJPY can be expected to fall further toward the next support level 98.00.

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