LeoPrime Daily Market Analysis

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CADJPY reversed from resistance zone; Likely to fall to 81.000

CADJPY currency pair recently reversed down from the resistance zone located between the key resistance level 82.150 (which reversed the previous waves (1), (iii) and 2) and the upper daily Bollinger Band. The downward reversal from this resistance zone stopped the previous short-term impulse wave 3 from the end of January. Given the strength of the resistance level 82.150 and the bearish divergence on the daily Stochastic indicator – CADJPY currency pair is likely to fall further toward the next support level 81.000 (low of the pervious corrections (iv) and 2)

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