Japanese Yen Strengthens on COVID-19 Worries
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CAD/JPY reached buy target 86.00
2019-11-11 • Updated
- CAD/JPY reached buy target 86.00
- Next buy target - 88.00
CAD/JPY continues to rise after the recent breakout of the resistance zone lying at the intersection of the resistance level 86.00 (which as set as the buy target in our earlier forecast for this currency pair) and the 61.8% Fibonacci correction of the previous sharp intermediate impulse wave (1) from last December. The breakout of this resistance zone is likely to accelerate the active minor C-wave which belongs to the intermediate ABC correction (2) from April. CAD/JPY is expected to rise to the next buy target at the resistance level 88.00 (forecast price for the completion of wave (2)).
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