Elliott Wave Analysis: CADJPY In A Intraday Pullback

On the intraday chart of CADJPY we are observing a nice A-B-C pullback taking place, after pair completed a five wave impulse towards 80.85 level. As we know after every five wave move a three wave contra-trend movement follows, so now we believe recent reversal could be wave A, with black wave B in the making.
Possible support for this pair could be around 78.36-79.00 zone, where Fibonacci ratios can come in play and act as reversals higher.

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