There' a "V-Top" pattern, so the pair is likely going to test the closest support at 1.3996 - 1.3979. Meanwhile, if a pullback...
CAD/JPY reached buy target 85.00
- CAD/JPY reached buy target 85.00
- Next buy target - 86.00
CAD/JPY continues to rise inside the minor C-wave, which belongs to the intermediate ABC correction (2) from the end of April. The price today broke above the resistance level 85.00, which was set as the buy target in our previous forecast for this currency pair. The breakout of the resistance level 85.00 should strengthen the bullish pressure on this currency pair. CAD/JPY is expected to rise to the next buy target at the resistance level 86.0 (target price for the completion of the active wave C).
We've got a bearish "High Wave", which has strong confirmation. In this case, the price is likely going to decline.
Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…
The 144 Moving Average has acted as support, but there's a bearish "Engulfing' at the local high.