Technical analysis

CADJPY Wave Analysis 5 October 2023

– CADJPY reversed from powerful resistance level 110.35

– Likely to fall to support level 106.7

CADJPY currency pair recently reversed down from the powerful resistance level 110.35 (which stopped the previous weekly uptrend in 2022) standing near the upper weekly daily Bollinger Band.

The downward reversal from the resistance level 110.35 is currently forming the weekly Evening Star – strong sell signal for this currency pair.

Given the bearish divergence one the weekly Stochastic, CADJPY currency pair can be expected to fall further toward the next support level 106.7.

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