Given the continuation of the bearish yen sentiment that can be seen across the FX markets today, CADJPY currency pair can be expected to rise to the next resistance level 104.00.
- CADJPY reversed from support area
- Likely to rise to resistance level 104.00
CADJPY currency pair recently reversed up from the support area located between the multi-month support level 102.00 (which has been reversing the price from August, as can be seen from the daily CADJPY chart below) and the lower daily Bollinger Band. The upward reversal from this support area stopped the earlier minor impulse wave 5, which belongs to the extended downward impulse wave (C) from the end of November. This support area also previously formed the daily Japanese candlesticks reversal pattern long-legged Doji.
Given the strength of the support level 102.00, bullish divergence on the daily Stochastic indicator and the continuation of the bearish yen sentiment that can be seen across the FX markets today, CADJPY currency pair can be expected to rise to the next resistance level 104.00.
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