CADJPY Wave Analysis – 28 November, 2022

• CADJPY reversed from support level 102.65

• Likely to rise to resistance level 104.50

CADJPY just recently reversed up from the major support level 102.65 (former strong resistance from April, which has been reversing this currency pair from the middle of July, as can be seen below), standing near the daily Bollinger Band and by the 61.8% Fibonacci correction of the upward impulse from May.

The upward reversal from the support level 102.65 stopped the previous short-term impulse wave (iii).

CADJPY can be expected to rise further in the active impulse wave (3) toward the next resistance level 104.50 (former monthly low from September).