By: Dima Chernovolov
CAD/JPY recently broke the key resistance level 96.55, which was previously identified by Autochartist. Autochartist rates the Significance of this resistance level at the 3-bar level – which is the result of the three previous price reversals from this price level. CAD/JPY is expected to continue to rise toward the forecast price 96.88.
As can be seen from the daily CAD/JPY chart below – the price earlier broke the long-term resistance level 93.00 (former monthly high from October) – which was followed by the breakout of the wide daily up channel. Both of these levels are acting as the support level after they were broken. The proximity of these support levels and the clear daily uptrend increase the probability CAD/JPY will continue to rise toward the forecast price 96.88.