• CADJPY reversed from support area
• Likely to reach resistance level 88.10
CADJPY currency pair recently reversed up from the support area lying between the key support level 86.25 (former resistance from the start of March) and the 38.2% Fibonacci correction of the previous sharp upward impulse wave (v) from the end of February. The upward reversal from this support area started the active minor upward impulse wave 5 of the impulse wave (3) from last November.
Given the predominant daily uptrend – CADJPY currency pair is likely to rise further in the active impulse waves 5 and (3) toward the next key resistance level 88.10 (which reversed the previous impulse wave 3 earlier this month).