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CADJPY broke 83.000 resistance area; Likely to rise to 83.500

CADJPY recently broke the resistance area lying between the resistance level 83.000 (former strong support from December and January) and the 50% Fibonacci retracement of the earlier sharp downward correction from January. The breakout of this resistance area continues the active impulse waves (iii), 3 and (3). Given the clear daily uptrend and the rising bearish Japanese Yen sentiment seen across the markets today, CADJPY is likely to remain under the bullish pressure and to rise toward the next resistance level 83.500 (61.8% Fibonacci retracement of the aforementioned correction from January).

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