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Technical analysis for the CAD/JPY, the pair reached strong resistance and the 0.618 FIB extension at 93.00, which was the first target of the fifth weekly bullish wave.
The CAD/JPY pair is currently in a pullback on the weekly chart and reached the 0.386 FIB retracement at 89.85. If the price closes below 89.80, it will send the pair toward first the 1.272 FIB extension on the daily chart at 88.45. Second toward the 0.618 FIB retracement on the weekly chart at 87.85.
A break below 87.85 will open the door for a retest of the low on the daily chart at 87.18. Furthermore, a break below 87.18 will send the CAD/JPY lower toward 2.618 FIB extension and the support at 84.92.
On the other hand, if the CAD/JPY pair close above the resistance at 91.70, it will be an early signal for a resumption of the bullish trend. Such a potential break will open the door for a bullish run toward first the 92.50 and second the previous high at 93.02.
A break above 93.02 will extent the bullish trend and send the CAD/JPY higher, toward first the 0.618 FIB retracement on the monthly chart at 94.10. Second toward the 2.272 FIB extension on the weekly chart at 96.00 and third, the 2.618 FIB extension at 98.85.
Daily chart:
Weekly chart:
