Technical analysis

CADJPY Wave Analysis – 23 January, 2023

CADJPY Wave Analysis – 23 January, 2023

• CADJPY reversed from support level 96.00

• Likely to rise to resistance level 98.00

CADJPY currency pair recently reversed up from the pivotal support level 96.00 (which has been reversing the price from the middle of December) intersecting with the daily Bollinger Band.

The upward reversal from the support level 96.00 created the daily Hammer – which stopped the earlier impulse waves 5 and (C).

CADJPY currency pair can be expected to rise further toward the next resistance level 98.00 (top of the earlier sharp reversal pivot from last week).

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