CADJPY Technical Analysis Report 22 February, 2024

Dmitry Chernovolov Market Analyst

Given the clear daily uptrend and the continuation of the yen sales that can be seen across the FX markets today, CADJPY currency pair can be expected to rise further toward the next resistance level 113.00

– CADJPY broke resistance level 111.50

– Likely to rise to resistance level 113.00

CADJPY currency pair today broke the resistance level 111.50 (which stopped the previous minor impulse wave 1 in the middle of this month, as can be seen from the daily CADJPY chart below). The breakout of the resistance level 111.50 continues the active short-term impulse wave 3 of the intermediate impulse wave (3) from the end of January. The impulse wave 3 started earlier, when the price reversed up from the powerful support level 110.60 (former monthly high from November).

Given the clear daily uptrend and the continuation of the yen sales that can be seen across the FX markets today, CADJPY currency pair can be expected to rise further toward the next resistance level 113.00.

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