Technical analysis

CADJPY Wave Analysis – 22 June 2023

– CADJPY broke resistance level 107.60

– Likely to rise to resistance level 110.

CADJPY under the bullish pressure after the earlier breakout of the resistance level 107.60, which stopped the previous minor impulse wave (i) earlier this month.

The breakout of the resistance level 107.60 accelerated the active short-term impulse wave 5 pf the intermediate impulse sequence (C) from the start of May.

Given the prevailing daily uptrend , CADJPY can be expected to rise further to the next resistance level 110.00 (target for the completion of the active impulse sequence (C).

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