• CADJPY reversed from support zone
• Likely to rise to resistance level 87.20
CADJPY currency pair recently reversed up from the support area located between the major support level 85.50 (which has been reversing he price from the middle of April) and the lower daily Bollinger Band. The upward reversal from this support area created the daily Japanese candlesticks reversal pattern Morning Star (similar to the Morning Star the pair formed near the same levels in the middle of August) – which stopped the previous intermediate ABC correction (2)s.
Given the strength of the aforementioned support area, CADJPY currency pair can be expected to rise further toward the next resistance level 87.20 (which stopped the previous short-term correction B at the start of September).
