CADJPY Wave Analysis 30 August 2024

– CADJPY reversed from key support level 105.00

– Likely to rise to resistance level 110.00

CADJPY currency pair recently reversed up with the weekly Hammer from the key support level 105.00 (which has been reversing the price from the middle of 2023).

The support level 105.00 was strengthened by the lower weekly Bollinger Band and by the 50% Fibonacci correction of the upward impulse from the start of May.

Given the overriding weekly uptrend and the strongly bearish yen sentiment, CADJPY currency pair can then be expected to rise to the next resistance level 110.00.