CAD/JPY | Potential cycle completion pullback

CAD/JPY Long-Term Trend: Bearish

Key Resistance Levels: 91.387, 91.537, 91.710

Key Support Levels: 90.295, 89.822, 89.482

1-Day Chart: Elliot wave suggests we have had a 5-wave bullish impulse, meaning a pullback is due any moment now. If so, we may see a swing play down to the lower support zone, which represent a 50-61.8% retracement of the entire bullish impulse. We also have a diagonal support building, which could provide a good support area if we consolidate downwards.

CAD/JPY Medium-Term Trend: Bearish

1-Hour Chart:

We are currently seeing bullish exhaustion inside of a resistance area. If seller can hold the price inside the resistance zone, we may see a big pullback before we get more bullish continuation. 

Signal Idea:

Sell Limit Order @ 91.267

TP 1 @ 90.232

TP 2 @ 89.503

Stop Loss @ 91.862

Trade Safely 🙂