CAD/JPY Expected To Resume Rally Higher
Elliott Wave Forecast | Apr 26, 2016 12:01AM ET
CAD/JPY
Short-term Elliottwave structure suggests that cycle from 4/7 low remains in progress as a triple three where wave W ended at 85.7 (4/13 high), wave X ended at 83.07 (4/18 low), and wave Y is proposed complete at 88.37 (4/23 high). Second wave X pullback is in progress to correct the rally from wave X low at 83.07 (4/18 low), and as far as pivot at 83.07 is intact in the pullback, pair is expected to resume the rally higher again. Near term, from wave Y peak at 88.37, pair ended first swing wave ((a)) at 87.39, and while pair stays above wave (x) blue at 87.33, it has scope to make another leg higher to finish second swing wave ((b)) towards 87.9 – 88.15 area before turning lower in the third swing wave ((c)). If the pair breaks below 87.33, then the pair has resumed lower in wave ((c)) to continue the correction to the rally from 4/18 low. We don’t like selling the proposed pullback and expect buyers to appear after wave ((c)) of X correction is over in 3, 7, or 11 swing as far as 83.07 pivot stays intact.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.