CADJPY Wave Analysis – 4 October, 2022

• CADJPY reversed from support level 104.90

• Likely to rise to resistance level 107.25

CADJPY currency pair recently reversed up from the key support level 104.90 (former resistance from the start of March), lower daily Bollinger Band and the 50% Fibonacci correction of the upward impulse from May.

The upward reversal from the support level 104.90 stopped the previous short-term ABC correction (ii).

Given the clear daily uptrend, CADJPY can be expected to rise further toward the next resistance level 107.25.