CAD/JPY | Potential short term bullish exhaustion

CAD/JPY Long-Term Trend: Bearish

Key Resistance Levels: 91.002, 91.463, 91.710

Key Support Levels: 90.354, 89.458, 89.458

Daily Chart:

The price on a higher timeframe is approaching a potential exhaustion zone, whilst simultaneously illustrating what may be a completed Elliot wave cycle. If the price fails to settle above the 91.4 area, we may see a big pullback out of this one.

CAD/JPY Medium-Term Trend:Bearish

2-Hour Chart:

Elliot wave analysis signals at a potential 5-wave count completion coming soon. The 90.987-91.450 range looks like a good place for this exhaustion and lines up with the longer term cycle sell-zone illustrated above.

Signal Idea:

Sell Limit Order @ 90.997

TP 1 @ 89.775

TP 2 @ 89.491

Stop Loss @ 91.592

Trade Safely 🙂