CAD/JPY: sell target - 91.00
By: Dmitriy Chernovolov
- CAD/JPY reversed from resistance zone
- Next sell target - 91.00
CAD/JPY recently reversed down from the resistance zone lying between the resistance level 92.00 (which has reversed earlier waves A and (b)), upper daily Bollinger Band and the 50% Fibonacci Correction of the previous sharp minor impulse wave 5 from August. The downward reversal from this resistance zone stopped the previous minor impulse wave (i) – which belongs to the C-wave of the intermediate ABC correction (2) from August.
With the daily Stochastic indicator still moving in the overbought territory - CAD/JPY can be expected to fall further toward the next sell target at the support level 91.00.