• CADJPY broke long-term resistance level 84.50
• Likely to reach resistance level 86.00
CADJPY recently broke the key long-term resistance level 84.50 (former monthly high from January and February of 2020 as can be seen below). The breakout of the resistance level 84.50 accelerated the active impulse waves (iii) and 5 – which belong to the major multi-month upward impulse sequence (C) from the middle of last year.
Given the prevailing uptrend that can be seen on the daily CADJPY charts and the continued strongly bearish yen sentiment seen across the global currency markets today– CADJPY is likely to rise further toward the next resistance level 86.00 (target price for the completion of the active impulse waves 5 and (C)).