CAD/JPY might have topped: Elliott Wave update

Gregor Horvat Wavetraders

In September we have been talking and sharing a lot about CADJPY pair, where we were tracking final 5th wave, which came out of bullish wave 4 triangle pattern.

Today on October 3rd USD/JPY smashed lower in sign of intervention. The MOF shows up right on time. Masato Kanda, the top currency official at the (MOF) Ministry of Finance has said he’s keeping in close contact with his US counterparts.

CADJPY is sharply down after a completed higher degree wave V, so it can be now turning bearish in minimum three waves A/1-B/2-C/3 down to 106 – 104 area for wave C or maybe even lower for wave 3, but ideally after current pullback in wave B/2.

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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