CAD/JPY: sell target - 94.50
By: Dmitriy Chernovolov
- CAD/JPY reversed from resistance level 96.00
- Next sell target - 94.50
CAD/JPY recently reversed down strongly – after the pair reached the resistance level 96.00, which was set in our earlier forecast as the buy target for this currency pair. This resistance level is also the upper boundary of the sideways price range inside which the pair has been trading from the middle of July. The resistance zone near 96.00 was strengthened by the upper daily Bollinger Band and by the 61.8% Fibonacci Correction f the previous impulse 1.
CAD/JPY is likely to fall further inside the active impulse 3 toward the next sell target at the support level 94.50. Strong resistance remains at 96.00.