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CADJPY rebounds from support near 111.85, eyes 113.30

The analysis points to a bullish turn after CADJPY reversed from 111.85, with a projected move toward the 113.30 resistance level.

Reported · Written up by our desk · Major Pairs

Canadian dollar Japanese yen has rebounded after reversing from a support zone around 111.85, which has been influencing the pair since January, according to Action Forex.

The bounce is also described as stopping a prior sharp downward impulse wave 1, with the reversal tied to the 111.85 support area, the 50% Fibonacci correction of an upward impulse from October, and the lower daily Bollinger Band.

With bullish sentiment at 111.85 cited as supportive, Action Forex expects CADJPY to move higher to the next resistance level at 113.30.

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