Technical analysis

CADJPY Wave Analysis 21 November 2023

– CADJPY reversed from support level 107.50

– Likely to rise to resistance level 109.00

CADJPY currency pair recently reversed up from the key support level 107.50 (which has been repeatedly reversing the pair from the start of September) strengthened by the lower daily Bollinger Band and the 50% Fibonacci correction of the upward impulse from July.

The upward reversal from the support level 107.50 stopped the previous short-term correction 2 and is likely to form the daily Hammer today.

Given the strength of the support level 107.50, CADJPY currency pair can be expected to rise to the next resistance level 109.00.

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