CADJPY currency pair recently reversed down from the key resistance level 106.900 (which stopped the previous sharp upward impulse wave (3) at the start June), intersecting with the upper daily Bollinger Band. The downward reversal from the resistance level 106.900 started the active minor correction (b). Given the strength of the resistance level 106.90 and the bearish Canadian dollar sentiment seen across the FX markets lately, CADJPY can then be expected to fall toward the next support level 104.650 (target for the completion of the active minor correction (b)).
CADJPY reversed from resistance level 106.900; Likely to fall to support level 104.650.
