Technical analysis

CADJPY Wave Analysis – 27 May, 2022

CADJPY Wave Analysis – 27 May, 2022

• CADJPY reversed from support zone
• Likely to rise to resistance level 101.00

CADJPY earlier reversed up from the combined support zone located between the support level 98.45, lower daily Bollinger Band and the upper trendline of the recently broken weekly up channel from last year,

The upward reversal from this support zone started the active intermediate impulse wave (3).

Given the clear weekly uptrend – CADJPY can be expected to rise further toward the next resistance level 101.00 (top of the earlier intermediate impulse wave (1)).

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