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CAD/JPY| Bearish consolidation play

CAD/JPY Long-Term Trend: Bearish

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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

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2-Hour Chart:

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.

Signal Idea:

Sell Limit Order @ 91.195

TP 1 @ 89.918

TP 2 @ 89.495

Stop Loss @ 92.008

About Patrick Mwenge

A chartered accountant and trader, Patrick has 7 years of financial market experience, covering commodities,FX, equities as well as crypto currencies. Patrick leverages both long term Elliot wave analysis alongside volume and time price opportunity to explore trading opportunities on both long and short term timeframes.

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