• CADJPY reversed from support zone
• Likely to fall to support level 85.60
CADJPY currency pair recently broke the support zone lying between the key support level 88.00 , which stopped the previous short-term impulse wave (A) in June and the 50% Fibonacci correction of the upward price impulse from the middle of April. The breakout of this support zone accelerated the active impulse waves 3 and (1).
Given the strongly bullish yen sentiment seen today – CADJPY currency pair can be expected to fall further toward the next round support level 85.61 (previous multi-month support level from the middle of April)).