CAD/JPY: buy opportunity
• CAD/JPY reached buy target 96.00
• Next buy targets - 98.00 and 99.00
CAD/JPY recently reversed down after the price reached the resistance level 96.00, which was set as the buy target in our previous forecast for this instrument. The downward reversal from this resistance level completed the preceding intermediate impulse (1) from the end of January and started the latest intermediate correction (2). This downward correction then stopped near the 50% Fibonacci Retracement level of the aforementioned impulse (1) (as you can see from the daily CAD/JPY chart below). The pair is currently approaching the resistance level 96.00.
If CAD/JPY breaks the resistance level 96.00, the price can then rise in the active intermediate impulse (3) (belonging to the primary Ⓒ-wave from last month) to the next buy targets – 98.00 and 99.00 (forecast price for the termination of impulse (3)).