CADJPY Chart Technical Outlook trades north toward 108.00 on dovish BoJ
CAD/JPY bounced higher from a previous swing high after completing a three-wave corrective pattern.
The rising Oil prices support CAD as the US government started to refill its SPR last week with 3 million barrels after losing more than 250 million barrels since Russia invaded Ukraine.
JPY is under pressure from new comments from BoJ officials arguing the need to hike rates in December.
I expect more upside price action toward this year’s high, forming an extended corrective pattern.
Resistances: 108.00, 108.70
Supports: 107.00, 106.50
