CADJPY Technical Analysis Report 13 March, 2024

Dmitry Chernovolov Market Analyst

CADJPY currency pair can be expected to rise further toward the next resistance level 111.45, target price for the completion of the active impulse wave 1

– CADJPY reversed from support level 108.85

– Likely to rise to resistance level 111.45

CADJPY currency pair recently reversed up from the pivotal support level 108.85, which has been reversing the price from the end of January intersecting with the lower daily Bollinger Band and the 38.2% Fibonacci correction of the previous sharp upward impulse (1) from the start of December. The upward reversal from the support level 108.85 continues the active short term impulse wave 1 which is a part of the intermediate impulse wave (3) from the start of March.

Given the clear daily uptrend and the predominantly bullish Canadian dollar sentiment that can be seen across the FX markets today, CADJPY currency pair can be expected to rise further toward the next resistance level 111.45, target price for the completion of the active impulse wave 1, which stopped the previous impulse wave (1) at the end of February.

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