Technical analysis

CADJPY Wave Analysis – 6 June, 2022

CADJPY Wave Analysis – 6 June, 2022

• CADJPY broke resistance level 102.00
• Likely to test resistance level 105.00

CADJPY recently broke above the strong resistance level 102.00 (which has been reversing the pair since the middle of April) .

The breakout of the resistance level 102.00 accelerated the active medium-term impulse wave (3) – which started earlier from the key support level 98.40.

Given the strong daily uptrend – CADJPY currency pair can be expected to rise further toward the next resistance level 105.00 (target price for the completion of the active impulse wave (3)).

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