Technical analysis

CADJPY Wave Analysis – 7 June, 2021

• CADJPY reversed from resistance zone

• Likely to fall to resistance support level 90.00

CADJPY currency pair recently reversed down from the resistance zone lying between the pivotal resistance level 91.10 (which has been reversing the price from the end of May) and the upper daily Bollinger Band.

The downward reversal from this resistance zone created the daily candlesticks reversal pattern Evening Star.

CADJPY can then be expected to fall further toward the next round support level 90.00 (former minor support from the end of May and the target for the completion of the active correction 4).

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