CADJPY Wave Analysis 4 September 2023

– CADJPY reversed from support level 106.75

– Likely to rise to resistance level 108.00

CADJPY currency pair recently reversed up from the key support level 106.75 (which stopped the previous waves A and (2)), coinciding with the lower daily Bollinger Band and the 38.2% Fibonacci correction of the upward impulse from the end of July.

The upward reversal from the support level 106.75 continues the active intermediate impulse wave (3) from the middle of August.

Given the clear daily uptrend and the strong yen sales, CADJPY can be expected to rise further toward the next resistance level 108.00 (top of the previous waves (1) and B).