Cycle from 9.13.2022 high is in progress as a 5 waves impulse Elliott Wave structure and the structure is nearing the end. Down from 9.13.2022 high, wave (1) ended at 104.51, and wave (2) rally ended at 110.35. Pair declines lower in wave (3) towards 95.86 as the 1 hour chart below shows. Rally in wave (4) ended at 99.29 with internal subdivision as a double three Elliott Wave. Up from wave (3), wave W ended at 97.9 and pullback in wave X ended at 97.138. Final leg higher wave Y ended at 99.296 which completed wave (4) in higher degree.
Wave (5) lower is now in progress with internal subdivision as an impulse in lesser degree. Down from wave (4), wave ((i)) ended at 97.95 and wave ((ii)) ended at 98.34. Pair extends lower in wave ((iii)) towards 96.84, and wave ((iv)) ended at 96.84. Final leg lower wave ((v)) ended at 96.14 which completed wave 1. Rally in wave 2 ended at 96.87 and pair has extended lower again. Near term, as far as pivot at 99.29 high stays intact, expect rally to fail in 3, 7, 11 swing for further downside.
CADJPY 60 Minutes Elliott Wave Chart
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