CADJPY Elliott Wave View: Calling Strength Higher

CADJPY Short Term Elliott Wave view suggests that the decline from 4/13 peak at 85.76 to 83.87 low ended Intermediate wave (2) as a double three Elliott Wave structure. The internal subdivision of the decline from 85.76 high shows an overlapping structure. This suggests the decline is corrective in nature. We label the correctin as W-X-Y.

Down from 4/13 peak (85.76), Minor wave W unfolded as a Zigzag Elliott wave structure. Minute wave ((a)) of W ended at 84.88, Minute wave ((b)) of W ended at 85.17 high, and Minute wave ((c)) of W ended at 84.27 low. Up from there, Minor wave X bounce also unfolded as a double three Elliott Wave structure. Minute wave ((w)) of X ended at 85.31, Minute wave ((x)) of X ended at 84.74 and Minute wave ((y)) of X ended at 85.74. The internal of Minor wave Y subdivided as a zigzag structure. Minute wave ((a)) of Y ended at 84.36, Minute wave ((b)) of Y ended at 85, and Minute wave ((c)) of Y ended at 83.87 low. The move lower to 83.87 also ended Intermediate wave (2) upon reaching 100%-123.6% Fibonacci extension area of Minor W-X at 83.91 – 84.26.

Above from there, the pair has made a strong rally to the upside in an impulse Elliott Wave structure. Due to the 5 waves impulse, it favors the continuation higher in Intermediate wave (3). However, a break above 4/13 high 85.75 is needed for the final confirmation of the next leg higher. Until then, a double correction lower in intermediate wave (2) still can’t be ruled out. Near-term, as far as dips remain above 83.87 low, expect pair to resume higher. We don’t like selling it.

ElliottWave-Forecast has built its reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, Cycles, Proprietary Pivot System, we provide precise forecasts with up-to-date analysis for 50 instruments including FX majors, Gold, Silver, Copper, Oil, Natural Gas, Soybeans, Sugar ,Corn TNX and a number of Equity Indices from around the World. Our clients also have immediate... More

Disclainer: Trading in the Foreign Exchange market is a challenging opportunity where above average returns are available for educated and experienced investors who are willing to take above average risk. However, before deciding to participate in Foreign Exchange (FX) trading, you should carefully consider your investment objectives, level of experience and risk appetite. Do not invest or trade capital you cannot afford to lose. EME PROCESSING AND CONSULTING, LLC, THEIR REPRESENTATIVES, AND ANYONE WORKING FOR OR WITHIN is not responsible for any loss from any form of distributed advice, signal, analysis, or content. Again, we fully DISCLOSE to the Subscriber base that the Service as a whole, the individual Parties, Representatives, or owners shall not be liable to any and all Subscribers for any losses or damages as a result of any action taken by the Subscriber from any trade idea or signal posted on the website(s) distributed through any form of social-media, email, the website, and/or any other electronic, written, verbal, or future form of communication . All analysis, trading signals, trading recommendations, all charts, communicated interpretations of the wave counts, and all content from any media form produced by and/or the Representatives are solely the opinions and best efforts of the respective author(s). In general Forex instruments are highly leveraged, and traders can lose some or all of their initial margin funds. All content provided by is expressed in good faith and is intended to help Subscribers succeed in the marketplace, but it is never guaranteed. There is no “holy grail” to trading or forecasting the market and we are wrong sometimes like everyone else. Please understand and accept the risk involved when making any trading and/or investment decision. UNDERSTAND that all the content we provide is protected through copyright of EME PROCESSING AND CONSULTING, LLC. It is illegal to disseminate in any form of communication any part or all of our proprietary information without specific authorization. UNDERSTAND that you also agree to not allow persons that are not PAID SUBSCRIBERS to view any of the content not released publicly. IF YOU ARE FOUND TO BE IN VIOLATION OF THESE RESTRICTIONS you or your firm (as the Subscriber) will be sued and/or charged fully with no discount for one year subscription to our Premium Plus Plan at $1,799.88 for EACH person or firm who received any of our content illegally through the respected intermediary’s (Subscriber in violation of terms) channel(s) of communication.