The CAD has been relatively neutral (though strongish during the correction), whereas the JPY has kept on being strong in the long-term perspective. In terms of the cycles of momentum of both currencies, the CAD seems to be likely to complete its rising phase and the JPY about to strengthen a bit. The trend is still down. Now that price has approached the upper MLH of a down sloping Schiff pitchfork
, there's some good (approx. 80%) chance that the selling pressure intensifies and the rally gives way to a decline back towards the median line
. This is also where the basic Fib levels coincide.
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