CADJPY currency pair can be expected to rise further to the next resistance level 113.30 (former strong support from the start of July).
- CADJPY reversed from support zone
- Likely to rise to resistance level 113.30
CADJPY currency pair recently reversed up from support area between the strong support level 112.00 (which has been reversing the price from January, as can be seen from the daily CADJPY below), lower daily Bollinger Band and the 50% Fibonacci correction of the sharp upward impulse from September. The upward reversal from this support zone stopped the earlier downward impulse wave (C), that belongs to the extended downward ABC correction 2 from the end of April.
Given the strength of the support level 112.00, oversold daily Stochastic, clear daily uptrend and the resumption of the bearish Japanese yen sentiment seen across the FX today, CADJPY currency pair can be expected to rise further to the next resistance level 113.30 (former strong support from the start of July).