Technical analysis

CADJPY Wave Analysis 7 December 2023

– CADJPY reversed from support level 104.60

– Likely to rise to resistance level 107.00

CADJPY rising strongly after the price reversed up from the key support level 104.60, which reversed the price twice in July.

The support level 104.60 was strengthened by the 38.2% Fibonacci correction of the upward impulse from March.

Given the strength of the support level 104.60 and the clear daily uptrend, CADJPY can be expected to rise further to the next resistance level 107.00.

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