CADJPY Technical Analysis Report 7 January, 2021

  • CADJPY rising inside the C-wave
  • Likely to rise to next resistance level 82,00

CADJPY currency pair recently reversed up from the key round support level 80.15, intersecting with the lower daily Bollinger Band and the 50% Fibonacci correction of the previous sharp upward impulse from the end of October. The upward reversal from the support level 80.15 started the active medium-term ABC correction (2). The pair is currently rising inside the C-wave of this ABC correction (2).

Given the strength of the uptrend that can be seen on the daily charts and the  and the growing Canadian dollar bullishness –  CADJPY is expected to rise further toward the next resistance level 82,00 (former monthly top from last month and the target for the completion of the active ABC correction (2)).

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