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Elliott Wave View: CAD/JPY May See Support Soon

Short term Elliott Wave in $CADJPY suggests cycle from June 23 high is unfolding as a 5 waves impulse Elliott Wave structure. Down from June 23 high, wave 1 ended at 88.89 and rally in wave 2 ended at 90.19. Pair then resumes lower in wave 3 towards 87.09 and bounce in wave 4 ended at 88.71. Internal subdivision of wave 4 unfolded as a zigzag structure. Up from wave 3, wave ((a)) ended at 88.56, wave ((b)) ended at 87.97, and wave ((c)) ended at 88.715.

Wave 5 is currently in progress with internal subdivision as another 5 waves in lesser degree. Down from wave 4, wave (i) ended at 88 and bounce in wave (ii) ended at 88.56. Pair resumes lower again in wave (iii) to 87.46, and rally in wave (iv) ended at 87.91. Expect wave (v) to end soon which should complete wave ((i)) of 5 in higher degree. Pair should then bounce in wave ((ii)) to correct cycle from July 13 peak (88.72) before the decline resumes. As far as July 13 high pivot at 88.7 stays intact, expect rally to fail in 3, 7, or 11 swing for further downside.

CAD/JPY 60 minutes Elliott Wave chart

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