After the bullish start of the year, the rand has started to weaken since the last Thursday. Let’s point out the main factors affecting the ZAR and set the key levels for this week’s trading.
CAD/JPY reversed from resistance zone
- CAD/JPY reversed from resistance zone
- Next sell target - 82.20
CAD/JPY continues to fall inside the minor impulse wave (iii) which reversed earlier from the resistance zone lying between the resistance level 84.00, 20-day moving average and the former support trendline of the recently broken daily down channel from December (acting as resistance now after it was broken).
CAD/JPY is expected to fall further toward the next sell target at the support level 82.20 (which reversed the price at the end of March, as can be seen below). Strong resistance remains at the aforementioned resistance level 84.00.
If we look at the daily charts of the US dollar index and the USD/JPY pair, we will see a misleading trend.
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