• CADJPY reversed from support zone
• Likely to rise to resistance level 87.85
CADJPY currency pair recently reversed up from the support zone lying between key support level 86.65 (low of the previous minor correction 2 from the end of August) and the 38.2% Fibonacci correction of the previous sharp upward impulse wave (1) from the middle of August. The upward reversal from this support zone completed the previous intermediate ABC correction (2).
Given the bullish Canadian dollar sentiment seen across the currency markets today – CADJPY currency pair can be expected to rise further toward the next resistance level 87.85 (which stopped the previous impulse wave (1) at the start of September).