CAD/JPY Elliott Wave Analysis: Correction Before Lower Again

Short Term CAD/JPY Elliott Wave view suggests that the decline from 1/5/2018 high (91.58) is unfolding as an impulse Elliott Wave Structure where Minor wave 1 ended at 87.785, Minor wave 2 ended at 89.439, Minor wave 3 ended at 84.468, and Minor wave 4 ended at 85.24. Minor wave 5 remains in progress as an impulse Elliott Wave structure where Minute wave ((a)) of 5 is expected to end soon.

Minute wave ((a)) of 5 is unfolding as an impulse Elliott Wave structure where Minutte wave (i) ended at 83.82, Minutte wave (ii) ended at 84.82, Minutte wave (iii) ended at 82.94, and Minutte wave (iv) ended at 83.65. Pair has reached the minimum target in price and swing to end Minutte wave (v) of ((a)) although another extension lower can’t be ruled out. Expect pair to bounce in Minute wave ((b)) soon to correct cycle from 2/21 peak (85.24) in 3, 7, or 11 swing before the decline resumes. We don’t like buying the proposed bounce.

1-Hour CAD/JPY

Elliott Wave Outlook

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