CADJPY Wave Analysis 31 January 2024

– CADJPY reversed from long-term resistance level 110.30

– Likely to fall to support level 108.00

CADJPY currency pair recently reversed down from the major long-term resistance level 110.30, which reversed the price twice in 2022.

The resistance level 110.30 was strengthened by the upper weekly and the daily Bollinger Bands.

Given the strength of the resistance level 110.30 and the overbought weekly Stochastic, CADJPY can be expected to fall further to the next support level 108.00.