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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 🙂

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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