CAD/JPY Elliott Wave Analysis
Elliott Wave Forecast | Mar 23, 2016 12:16AM ET
CAD/JPY
Short term Elliottwave structure suggests dips to 84.15 ended wave ((x)). Rally from there is unfolding in a double correction where wave (w) ended at 86.22, and wave (x) ended at 84.78. Near term, wave x pullback is in progress with an ideal target of 85.3 – 85.5 (50 – 61.8 back of the rally from 84.78), then as far as wave (x) pivot at 84.78 stays intact, pair still has scope to resume higher again towards 86.9 – 87.55 area to end at least the cycle from 3/15 low and quite possibly also end the cycle from 2/11 low. A minimum of 3 waves pullback is expected once the bounce is complete in 86.9 – 87.55 area to correct the rally from 3/15 low and 2/11 low.
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.