CADJPY Wave Analysis – 24 November, 2022

• CADJPY under bearish pressure

• Likely to fall to support level 102.65

CADJPY under the bearish pressure after recently breaking the key support level 104.50 (which has been reversing the price from September), intersecting with the 50% Fibonacci correction of the upward impulse from May.

The breakout support level 104.50 accelerated the active impulse wave (iii), which belongs to wave C from last month.

CADJPY can be expected to fall further toward the next support level 102.65 (target for the completion of the active impulse wave (iii)).