NZD/JPY falling inside minor impulse wave C Next sell target - 76…
CAD/JPY reversed from resistance zone
- CAD/JPY reversed from resistance zone
- Next sell target - 87.60
CAD/JPY recently reversed down sharply from the resistance zone lying between the key resistance levels 91.50 (which stopped the previous sharp upward impulse wave (3) in September, as can be seen below) and 90.80 (top of the previous B-wave). This resistance zone was further strengthened by the upper daily Bollinger Band. CAD/JPY is expected to fall further toward the next sell target at the next support level 87.60 (low of the previous ABC wave 2).
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.