Elliott wave Analysis on USDJPY and USDCAD

Gregor Horvat Wavetraders

Good day traders!

USDJPY is showing evidences of a weaker buck ahead, as pair turned nicely down yesterday through a 110.83-111.98 trendline support which means that recovery can be finished and that market is underway to lower levels. 112.00 is our first objective on the way down.

USDJPY, 1h

The only pair that can be interesting for strong USD once overall dollar weakness slows down, is USDCAD, where we see five waves up from December low so current pullback is a correction that can be looking for a base tomorrow or next week around 1.2730.

USDCAD, 1h

Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All our work is for educational purposes only.

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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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