CAD/JPY: 2nd Wave ((X)) Bounce Now In Progress

Today, we are going to revisit CAD/JPY pair. Yesterday, we saw the pair hitting 100% extension (93.74) down from 3/5/2015 (96.81) peak & bouncing. Preferred Elliott wave view suggests decline from 3/5/2015 peak is likely to become a triple three structure when wave ((w)) ended at 94.51, wave ((x)) ended at 96.01 and dip to 93.72 completed wave ((y)).2nd wave ((x)) bounce is now in progress. We have already seen 3 swings in this 2nd wave ((x)) but another marginal high to 95.15 – 95.48 could still be seen before pair resumes the decline for new lows below 93.72. Only if pivot at 96.81 high gives up during the bounce, that would open another extension higher as a WXY structure from 1/30 low. Until then, sellers should stay in control.

CAD/JPY Chart

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