• CADJPY reversed from support area
• Likely to rise to 79.40

CADJPY continues the upward movement after this currency pair formed the daily Japanese candlesticks reversal pattern Doji Hammer near the support zone located between the key multi-month support level 78.25 (former powerful resistance from March, which has been reversing the pair from June), lower daily Bollinger Band and the 50% Fibonacci correction of the upward impulse from May.

Considering the strength of the aforementioned support zone and the rising bearish yen sentiment – CADJPY is expected to continue the upward movement toward the next resistance level 79.40 (former support from the middle of October).