CADJPY Wave Analysis – 24 July, 2020

• CADJPY reversed from key resistance level 79.60

• Likely to fall to 78.50

CADJPY recently reversed down from the key resistance level 79.60 (which has been steadily reversing this currency pair from the middle of June).

The resistance zone near the resistance level 79.60 was strengthened by the upper daily Bollinger band and by the 61.8% Fibonacci correction of the previous impulse wave 1.

CADJPY is likely to fall further in the active impulse wave 3 toward the next support level 78.50 (low of the previous minor correction (b)).