• CADJPY reversed from support area
• Likely to rise to resistance level 87.00
CADJPY currency pair recently reversed up from the support area lying between the pivotal support level 85.40 (previous multi-month lower from April), lower daily Bollinger Band and the 50% Fibonacci correction of the sharp upward impulse from the middle of December. The upward reversal from this support area stopped the previous impulse waves 3 and (C).
Given the powerful multi-month uptrend – CADJPY currency pair can be expected to rise further toward the next resistance level 87.00 (low of the previous impulse wave 1 from the start of July).