Technical analysis

CADJPY Wave Analysis – 14 June, 2021

• CADJPY reversed from support area

• Likely to rise to resistance level 91.00

CADJPY currency pair recently reversed up from the support area lying between the round support level 90.00 (which has been reversing the pair from the start of May), lower daily Bollinger Band and the 38.2% Fibonacci correction of the upward impulse form last month.

The upward reversal from this support area stopped the previous short-term ABC correction 4.

Given the sharp uptrend – CADJPY currency pair can then be expected to rise further toward the next resistance level 91.00 (top of the previous impulse wave 3 from the end of May).

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