LeoPrime Daily Market Analysis

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CADJPY recently from 84.600 strong resistance area; Likely to fall to 83.000

CADJPY recently reversed down sharply from the strong resistance area lying between the key resistance level 84.600 (stopped the previous sharp impulse wave (i) in January, as can be seen below) and the upper daily Bollinger Band. The downward reversal from this resistance area stopped the previous short-term upward impulse sequence (iii) from the start of February. Given the strength of the aforementioned resistance area and the rising bearish Canadian dollar sentiment – CADJPY is expected to fall further toward the next support level 83.000 (former resistance from the start of February).

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