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CADJPY Wave Analysis – 05 December, 2019

  • CADJPY reversed from resistance area
  • Likely to fall to 81.60

CADJPY recently reversed down from the resistance area lying between the resistance level 82,50 (which has been reversing the price from the middle of November), upper daily Bollinger Band and the 61,8% Fibonacci correction of the previous sharp downward ABC correction (ii) from October.

The downward reversal from this resistance area stopped the earlier impulse waves (iii) and 3.

CADJPY is expected to fall further toward the next support level 81.60 (low of the previous waves (ii) and ii).

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