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 88.48, Minor wave 2 ended at 89.63, Minor wave 3 ended at 83.824, and Minor wave 4 ended at 84.82. Minor wave 5 is currently in progress and the subdivision also unfolds as an impulse Elliott Wave structure.
Down from 84.82, Minutte wave (i) ended at 84.08, Minutte wave (ii) ended at 84.484, and Minutte wave (iii) ended at 82.94. Expect a bounce in Minutte wave (iv) which can end at 23.6 - 38.2% retracement of Minutte wave (iii) at 83.3 - 83.5 area before another leg lower in Minutte wave (v) of ((i)). Afterwards, pair should end cycle from 2/26 high (84.82) and bounce in Minute wave ((ii)) in 3, 7, or 11 swing before the decline resumes.
CAD/JPY 1 Hour Elliott Wave Chart
