Elliott Wave Analysis: CADJPY and AUDJPY Approaching Reversal Zones!

Hello traders. Today, let’s take a look at AUDJPY and CADJPY and their correlations and intra-day views.

CADJPY, as you can see, is trading in a somewhat complex corrective rise away from March lows, which we labelled as a possible W-X-Y in the making. We believe this corrective rally can be part of a bigger degree wave 4, which can see resistance and a turn lower around the 83.48-84.20 region. There former swing high of former wave fours and also the upper corrective channel line can slow price down. That said, once we get a new impuslive drop from the highs, and through the 81.6 level, that is when a new bearish continuation can be in progress.

CADJPY, 1h

AUDJPY also looks corrective with a complex W-X-Y structure and seems like wave c of Y is still missing and that resistance at previous wave 4 around 82.56 level can be tested before a new continuation lower comes into play.

AUDJPY, 1h