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CAD/JPY reversed from support zone

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CAD/JPY reversed from support zone

Next buy target - 83.70

CAD/JPY recently revered up with the daily Japanese candlestick reversal pattern Hammer from the support zone lying between the pivotal support level 80.60 and the lower daily Bollinger Band. The upward reversal from this support zone started the active minor impulse wave 3, which belongs to the impulse wave (3) from the end of April. 

Given the clear bullish divergence on the daily Stochastic indicator - CAD/JPY is expected to rise to the next buy target at the resistance level 83.70. Strong support remains at 80.60.

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