CADJPY has been experiencing an ascending wave, followed by a correction phase and is currently reacting to the 0.618 Fibonacci retracement level. This level is a commonly used tool in technical analysis to predict potential price movements, and the fact that the price is reacting to it suggests that it may serve as a strong support level. Additionally, the RSI is currently in a neutral area, which could indicate that there is potential for further bullish momentum in the price. The analysis suggests that if the price continues to react positively to the black box on the chart, it could signify a continuation of the bullish wave. However, it is important to note that technical analysis is not foolproof and other factors, such as global economic events, can impact the price of CADJPY.
• There is a resistance level at 97.895 followed by resistance at 98.111 and 98.530.
• There is a support level at 97.130. Below, there is 97.050 and 96.720.
Note: We do not suggest any investment advice, and these analyses are just to increase the traders’ awareness but not a certain instruction for trading.
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