CADJPY Wave Analysis – 23 April 2025

- CADJPY reversed from strong support area
- Likely to rise to resistance level 104.00

CADJPY currency pair recently reversed from the strong support area between the long-term support level 101.60 (which stopped the sharp downtrend in August of 2024) and the lower daily Bollinger Band.

The upward reversal from this support area created the daily Japanese candlesticks reversal pattern Piercing Line.

Given the strength of the support level 101.60 and the bullish Canadian dollar sentiment seen today, CADJPY currency pair can be expected to rise toward the next resistance level 104.00.