Rally unfolding in CAD/JPY

November 10, 2015 10:49 AM
Elliott Wave Analysis: CAD/JPY

The best reading of the current Elliott Wave cycle in the CAD/JPY currency pair suggests there are 5 swings from wave (X) low at 10/28 and another swing higher is ideal to complete a 7 swing structure as far as 92.12 pivot stays intact.

A rally from wave (X) low at 90.56 is unfolding in a double three structure where wave W ended at 92.97, wave X is proposed over at 92.12, and wave Y is currently in progress. As far as 92.12 pivot is holding, pair is expected to resume higher in wave Y towards 94.5 – 95.1 area to end the cycle from 10/28 low, then it should turn lower at least in 3 waves per Elliott Wave hedging idea.

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