CAD/JPY: buy target - 96.00
By: Dmitriy Chernovolov
- CAD/JPY reversed from pivotal support level 94.50
- Next buy target - 96.00
CAD/JPY today reversed up strongly from the pivotal support level 94.50 (which has been reversing this currency pair from February – stopping the earlier waves 2, A, (B) and (1) – as you can see from the daily CAD/JPY chart below).
Given the strength of the support level 94.50 - CAD/JPY can be expected to rise further from the current levels toward the next buy target at the resistance level 96.00 (top of wave 2). Buy stop-loss can be placed at the distance of one daily ATR (Average True Range) below the aforementioned support level 94.50.