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CAD/JPY reversed from resistance zone

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  • CAD/JPY reversed from resistance zone
  • Next sell target - 87.40

CAD/JPY recently reversed down strongly from the resistance zone surrounding the key resistance level 89.00 (which stopped the previous intermediate wave (A) in last December, as can be seen from the daily CAD/JPY chart below). This resistance zone was further strengthened by the upper daily Bollinger Band. The downward reversal from this resistance zone started the active minor correction (iv). CAD/JPY is expected to fall to the next sell target at the next support level 87.40.

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