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Technical analysis for CAD/JPY, the pair reached resistance and the first target of the bullish wave on the monthly chart, the 1.272 FIB extension at 106.75, and bounced from it, starting a pullback. The first target for this pullback for the CAD/JPY is the 0.382 FIB retracement on the daily chart at 103.85. The second target is the support and the 0.500 FIB retracement on the daily chart at 102.70. And the third target for the CAD/JPY is the 0.618 FIB retracement on the daily chart at 101.75. We must keep in mind that this is just a pullback, everything is still bullish, and we need more price action on the four-hour chart to confirm this pullback.
On the monthly chart, the CAD/JPY pair is in a bullish wave, the second target for this wave is the 1.618 FIB extension at 112.75. But before that, we need to see the CAD/JPY breaking and trading above the resistance at 106.70-107.20.
Daily chart:
Weekly chart:
Monthly chart:
