CADJPY Wave Analysis 23 October 2024

– CADJPY broke resistance zone

– Likely to rise to resistance level 112.00

CADJPY recently broke the resistance zone between the resistance level 110.00 (which stopped the previous impulse wave 1) intersecting with the 50% Fibonacci correction of the downward correction from the start of July.

The breakout of this resistance zone accelerated the active short-term impulse wave 3 of the higher impulse wave (3) from the start of September.

Given the strongly bearish yen sentiment seen across the FX markets today, CADJPY can be expected to rise toward the next resistance level 112.00 (which stopped the previous correction B).