CADJPY Wave Analysis – 31 July, 2020

• CADJPY reversed from support zone

• Likely to rise to 79.60

CADJPY recently reversed up from the support zone located between the key support level 78.00 (which has been reversing the price from the end of May) and the 50% Fibonacci retracement of the earlier sharp upward impulse (c).

This support zone was further strengthened by the lower daily Bollinger band.

CADJPY is likely to rise further toward the next resistance level 79.60 (which has been reversing the price from the middle of June).