On September 12, 2024, the CADJPY currency pair encountered robust support at the 61.8% Fibonacci retracement level, stabilizing at 103.50. This level has proven to be a solid foundation, leading to a corrective bullish rebound with the price settling near 104.00.
Stochastic indicators are suggesting positive momentum, which supports the likelihood of a new bullish wave. We anticipate the pair to target the 105.50 level in the near term, with potential resistance at 106.40.
For today, the expected trading range is between 103.60 (support) and 105.00 (resistance).
Trend Forecast: Bullish
Related topics:
-
4 Stock Market Indexes: What You Need to Know