Technical analysis

CADJPY Wave Analysis – 03 August, 2021

• CADJPY broke support zone

• Likely to fall to support level 85.4

CADJPY recently broke through the support zone lying between the key support level 87,00 (which reversed the price twice in July) and the 38.2% Fibonacci correction of the upward impulse (1) from last month.

The breakout of this support zone accelerated the active intermediate correction (2) from the end of July.

CADJPY can be expected to fall further toward the next support level 85.4 (which has been reversing the price from the middle of April).

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