Technical analysis

CADJPY Wave Analysis – 29 March 2023

• CADJPY broke key resistance 97.20

• Likely to rise to resistance level 98.60

CADJPY continues to rise sharply after the earlier breakout of the key resistance 97.20 (which stopped the previous minor correction (iv) in March).

The breakout of the key resistance 97.20 accelerated the active short-term upward correction 2, which belongs to the higher order impulse wave (C) from the end of February.

CADJPY can be expected to rise further toward the next resistance level 98.60 (which reversed the price earlier this month).

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