• CADJPY reversed from support area
• Likely to rise to resistance level 88.40

CADJPY currency pair recently reversed up with the daily Hammer from the support area located between the key support level 86.65 (which reversed the rice at the start of August), lower daily Bollinger band and the 61.8% Fibonacci correction of the earlier intermediate impulse wave (1) from the middle of July.

Given clear uptrend that can be seen on the daily chart – CADJPY currency pair can be expected to rise further toward the next resistance level 88.40 (which stopped the previous impulse waves 3 and (1), as can be seen from the CADJPY chart below).