CAD/JPY: buy target - 98.00
By: Dmitriy Chernovolov
- CAD/JPY reversed from pivotal support level 94.50
- Next buy target - 98.00
CAD/JPY continues to rise inside the minor correction 2 – which started earlier – when the previous sharp impulse wave 1 was stopped by the powerful support level 94.50 (which had previously reversed the price multiple times from February, as you can see from the daily CAD/JPY chart below).
CAD/JPY is likely to rise further inside the active wave 2 toward the next buy target at the resistance level 98.00 (coinciding with the 50% Fibonacci Correction of the previous sharp downward impulse wave from June). Strong support remains at 94.50.