Technical analysis

CADJPY Wave Analysis 22 January 2024

– CADJPY reversed from key resistance level 110.00

– Likely to fall to support level 109.50

CADJPY currency pair recently reversed down from the key resistance level 110.00, which stopped the previous wave (B) in the middle of November, as can be seen below.

The resistance level 110.00 was strengthened by the upper daily Bollinger Band. The pair is currently forming the daily Shooting Star.

Given the strength of the resistance level 110.00 and the overbought daily Stochastic, CADJPY can be expected to fall further to the next support level 109.50

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