USD/CAD: 55 Moving Average acting as support
There's a bullish 'Hammer', which has been confirmed by the following 'Three Methods' pattern. In this case...
CAD/JPY reversed from support zone
- CAD/JPY reversed from support zone
- Next buy target - 83.70
CAD/JPY continues to rise after the earlier upward reversal from the support zone lying between the powerful support level 80.80 (which reversed the price with the daily hammer in the middle of May and also in April, as can be seen below) and the lower daily Bollinger Band. The latest upward reversal from this support zone stopped the previous minor correction (ii). CAD/JPY is expected to rise to the next buy target at the next resistance level 83.70 (top of the pervious impulse wave 1 from May).
Dmitry Chernovolov
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