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CADJPY recently reversed up with the daily Bullish Engulfing from the support zone lying between the pivotal support level 78.200 (former resistance from March and April) and the 50% Fibonacci retracement of the previous upward impulse from the start of May. Given the moderately resistance Yen sentiment seen across the FX markets today – CADJPY is likely to extend the gains toward the next support level 79.650 (top of the previous medium-term impulse wave (1) from the middle of June).
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