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CAD/JPY: Today Hit 100% Extension

Published 03/31/2015, 09:07 PM
Updated 03/09/2019, 08:30 AM
CAD/JPY
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Today, we are going to take a look at shorter cycles in CAD/JPY pair. Pair today hit 100% extension (93.74) down from 3/5/2015 (96.81) peak & bounced. Preferred Elliott wave view suggests 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.
CAD/JPY Daily Chart

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