CADJPY Wave Analysis – 3 August, 2022

• CADJPY reversed from support level 102.00

• Likely to rise to resistance level 105.00

CADJPY currency pair recently reversed up from the key support level 102.00 (former resistance from April, which stopped the earlier minor correction (a) in June).

The support zone near the support level 102.00 was strengthened by the lower daily Bollinger Band and by the 50% Fibonacci correction of the upward impulse from May.

Given the strong daily uptrend, CADJPY currency pair can be expected to rise in the active impulse wave (iii) toward the next resistance level 105.00 (former support from last month).