CADJPY Technical Analysis Report 05 February, 2021

• CADJPY under bullish pressure
• Likely to reach resistance level 83.00

CADJPY under significant bullish pressure lately – following the earlier breakout of the key resistance level 82.15 (former monthly high from December and January). The breakout of the resistance level 82.15 continues the active short-term impulse wave 3 from the end of December – which belongs to the longer-term upward impulse sequence (C) from last October.

Given the predominant uptrend that can be seen on the daily CADJPY charts and the predominantly bearish yen sentiment seen today – CADJPY currency pair can be expected to extend the gains toward the next resistance level 83.00 (likely price for the completion of the active impulse wave 3).

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