CAD/JPY Short Term Elliott Wave view suggests that Minor wave X ended at 87.78. Up from there, pair rallies as a double three Elliott Wave structure where Minute wave ((w)) ended at 89.8 and Minute wave ((x)) is in progress. Subpision of Minute wave ((x)) takes the form of a double three Elliott Wave structure. Decline to 88.96 ended Minutte wave (w) of ((x)) and Minutte wave (x) of ((x)) ended at 89.64.
Near term, pair has reached the 100% area from 11/6 peak so the minimum target for Minute wave ((x)) has been reached. However, another leg lower still can happen towards 88.22 – 88.56 area before Minute wave ((x)) ends and pair resumes the rally higher or bounce in 3 waves at least. As far as pivot at 87.78 stays intact, expect pair to turn higher. We don’t like selling the pair.
CAD/JPY 1 Hour Elliott Wave Analysis
CAD/JPY 60-Minute Chart