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CAD/JPY | Potential cycle completion pullback

CAD/JPY Long-Term Trend: Bearish

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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

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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 🙂

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.

3 comments

  1. It’s a sell not buy.

  2. widiaditya adi pratita

    it should sell limit ……..

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