Japanese Yen Strengthens on COVID-19 Worries
What happened? Japanese shares fell on Monday…
CAD/JPY reached sell target 82.20
2021-11-11 • Updated
- CAD/JPY reached sell target 82.20
- Next buy target - 84.00
CAD/JPY recently reversed up from the support area lying between the support level 82.20 (which was set as the sell target in our previous forecast for this currency pair), lower weekly Bollinger Band, 50% Fibonacci correction of the upward impulse wave (C) from November and the 50-week moving average.
The upward reversal form the aforementioned support zone stopped the earlier intermediate impulse wave (3). CAD/JPY is expected to rise to the next buy target at the resistance level 84.00 – the breakout of which can lead to further gains toward 85.00.
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