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CADJPY Wave Analysis – Action Forex

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  • 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.

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