Elliott Wave Analysis: CADJPY Pointing To 90 Level

3 thg 5, 2021

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.