Technical analysis

CADJPY Wave Analysis 12 March, 2021

CADJPY Wave Analysis 12 March, 2021

• CADJPY broke resistance level 86.90

• Likely to test resistance level 88.00

CADJPY recently broke the resistance level 86.90 (former top of the weekly correction (B) from the end of 2018 as can be seen from the weekly CADJPY chart below).

The breakout of the resistance level 86.90 should be followed with the weekly close above this level for the price to continue to rise further.

If the pair closes above the resistance level 86.90 on the weekly basis – CADJPY can then rise toward the next resistance level 88.00 (target price for the competition of the active impulse wave (3)).

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