CAD/JPY: sell target - 90.00
By: Dmitriy Chernovolov
- CAD/JPY reversed from resistance zone
- Next sell target - 90.00
CAD/JPY today reversed down from the resistance zone lying between the pivotal resistance level 92.00 (former major support level which stopped and reversed the sharp primary impulse wave ① at the end of January, as you can see below) and the 50% Fibonacci Correction of the previous strong downward impulse wave from the middle of July.
The downward reversal from the aforementioned resistance zone completed the previous minor correction 2 – starting the active impulse wave 3 (which belongs to the 3rd intermediate impulse (3)). CAD/JPY is likely to fall further to the next sell target 90.00.