CADJPY Wave Analysis 30 October, 2020

• CADJPY reversed from support area

• Likely to rise to 79.40

CADJPY recently reversed up from the support zone located between themulti-month support level 78.00 (former resistance from August, which has been reversing the price from June), lower daily Bollinger Band and the 50% Fibonacci correction of the ABC correction (2) from March.

The upward reversal from this support zone is likely to create the daily Japanese candlesticks reversal pattern Hammer Doji.

CADJPY is likely to rise further toward the next resistance level 79.40 (former support from the middle of October).

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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