CAD/JPY Long-Term Trend: Bearish
Key Resistance Levels: 91.218, 91.354, 91.710
Key Support Levels: 90.295, 89.918, 89.490
1-Day Chart: We have failed to breach the resistance zone, and may now finally see a pullback. We also happen to be inside somewhat of a wedge structure which presents good support levels to trade towards if we do break to the downside.
CAD/JPY Medium-Term Trend: Bearish
Elliot-wave suggests that we have seen a full 5-wave cycle completion play out, and will now need to see a 50%-61.8% retracement of the bullish cycle. We have also made 2 attempts at breaking the resistance band (blue) but failed. If this resistance persists, it may kick-off a decline.
Sell Limit Order @ 91.195
TP 1 @ 89.918
TP 2 @ 89.495
Stop Loss @ 92.008