CADJPY Currency Pair Wave Analysis

• CADJPY currency pair reversed from support area
• Likely to rise to resistance level 91.00

CADJPY currency pair earlier reversed up from the support zone located between the round support level 90.00 (which has been reversing the pair from the middle of January), support trendline from September, lower daily Bollinger Band and the 50% Fibonacci retracement of the previous sharp upward impulse wave 1 from December.

The upward reversal from this support area stopped the earlier minor ABC correction (ii).

Given the strong yen outflows – CADJPY currency pair can be expected to rise further toward the next resistance level 91.00.