• CADJPY rising inside impulse wave 5
• Likely to rise to resistance level 88.30
CADJPY currency pair continues to rise inside the short-term upward impulse wave 5 which started previously from the support area lying at the intersection of the support level 85.50, lower daily Bollinger Band, 50-day moving average and the 61.8% Fibonacci correction of the upward impulse from the end of February. The upward reversal from this support area created the daily candlesticks reversal patter Bullish Engulfing.
Given the predominant daily uptrend – CADJPY currency pair can be expected to rise further in the active impulse waves 5 and (3) toward the next resistance level 88.30 (top of the previous corrective wave (b) from the start of April).