• CADJPY reversed from support zone
• Likely to rise to resistance level 91.60
CADJPY currency pair recently reversed up from the support zone lying between the pivotal support level 90.40 which stopped A-wave o the previous ABC correction (2)), lower daily Bollinger band and the 50% Fibonacci correction of the upward impulse from the start of October. The upward reversal from this support zone stopped the previous intermediate ABC correction (2).
Given the improving Canadian dollar as seen across the currency markets today, CADJPY currency pair can be expected to rise further toward the next resistance level 91.60 (top of the previous wave B from the start of this month).