Thu, Sep 23, 2021 @ 07:04 GMT
HomeContributorsTechnical AnalysisElliott Wave View: CAD/JPY May See Support Soon

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

Elliott Wave Forecast
ElliottWave-Forecast has built its reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, Cycles, Proprietary Pivot System, we provide precise forecasts with up-to-date analysis for 52 instruments including Forex majors & crosses, Commodities and a number of Equity Indices from around the World. Our clients also have immediate access to our proprietary Actionable Trade Setups, Market Overview, 1 Hour, 4 Hour, Daily & Weekly Wave Counts. Weekend Webinar, Live Screen Sharing Sessions, Daily Technical Videos, Elliott Wave Setup videos, Educational Resources, and 24 Hour chat room where they are provided live updates and given answers to their questions.

Featured Analysis

Learn Forex Trading