$CAD/JPY: Consolidating in Triangle

Revised short term Elliottwave view suggests the pair is in a triangle consolidation with wave (a) ended at 97.13, wave (b) ended at 94.4, and wave (c) is in progress with the internal unfolding as a double three structure (w)-(x)-(y).

Wave (w) of (c) ended at 96.17 and wave (x) of (c) is expected to complete at 95.06 – 95.28 before turning higher in wave (y) of (c). We don’t like buying the proposed bounce in wave (y) of (c). As far as 97.13 pivot stays intact, expect the pair to turn lower once wave (c) is complete and resume the triangle consolidation.

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