CADJPY Wave Analysis – 7 May, 2020

• CADJPY reversed from support area
• Likely to rise to 77.00

CADJPY recently reversed up from the support area lying between the support level 75,00 (low of the previous wave A) and the lower daily Bollinger Band.

The upward reversal from this support area is likely to form the daily candlesticks reversal pattern Bullish Engulfing.

CADJPY is expected to rise further toward the next resistance level 77.00 (top of the previous wave B).