- CADJPY reversed from support area
- Likely to rise to resistance level 107.40
CADJPY currency pair recently reversed up from the support area located between the key support level 105.00, support trendline from June, 20-day moving average and the 61.8% Fibonacci correction of the earlier upward impulse from the start of July.
The upward reversal from this support area started the active minor impulse wave (v) of waves 5 and (5).
Given the clear daily uptrend, CADJPY can be expected to rise further toward the next resistance level 107.40.