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1 Apr 2015
CAD/JPY bounces expected to fail below 96.81 – ElliottWave-Forecast
FXStreet (Barcelona) - Daud Bhatti of ElliottWave-Forecast, gives the technical outlook for CAD/JPY, expecting any CAD/JPY bounce to fail below 96.81.
Key Quotes
“Today, we are going to take a look at shorter cycles in CADJPY pair. Pair today hit 100% extension (93.74) down from 3/5/2015 (96.81) peak & bounced. Decline from here took the form of a double three structure when wave ((w)) ended at 94.51, wave ((x)) ended at 96.03 and wave ((y)) at 93.72 completing a higher degree wave W. A bounce in wave “X’ is now expected to correct the decline from 96.81 peak before the decline resumes. 50 – 61.8 Fibonacci retracement zone lies between 95.26 – 95.62.”
“We don’t like buying the pair in the proposed bounce.”
“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.”
Key Quotes
“Today, we are going to take a look at shorter cycles in CADJPY pair. Pair today hit 100% extension (93.74) down from 3/5/2015 (96.81) peak & bounced. Decline from here took the form of a double three structure when wave ((w)) ended at 94.51, wave ((x)) ended at 96.03 and wave ((y)) at 93.72 completing a higher degree wave W. A bounce in wave “X’ is now expected to correct the decline from 96.81 peak before the decline resumes. 50 – 61.8 Fibonacci retracement zone lies between 95.26 – 95.62.”
“We don’t like buying the pair in the proposed bounce.”
“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.”