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Elliott Wave Analysis: CADJPY Pointing To 90 Level

Long
FX:CADJPY   Canadian Dollar / Japanese Yen
Hello traders!

Today we will talk about CADJPY currency pair which is moving nicely as expected within nice and clean Elliott Wave pattern.

Well, after we noticed an A-B-C correction and strong bounce we have been warning about new rally that can send the price back to highs.

Here we are, CADJPY is trading in a new impulsive five-wave cycle which looks to be unfinished and if consider minimum target of 161,8% Fibonacci extension at 90.0 level, then we will probably see more upside for wave (5).

However, before a continuation higher, we may currently see a corrective slow down within (4), where ideal support would be at the previous swing high and between 23,6% - 38,2% Fibonacci retracement , actually at that trendline connected from the lows and around 88.30 - 88.00 levels.

So, once a correction in wave (4) fully unfolds, we can easily expect more gains towards 90.0 level within wave (5).

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Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.

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