Elliott Wave View: CADJPY Ended Cycle from June Peak [Video]

Elliott Wave Forecast Team ElliottWave-Forecast.com

Short Term Elliott Wave in CADJPY suggests that the cycle from June 1, 2021 peak has ended in wave ((4)) at 85.4. The internal subdivision of wave ((4)) unfolded as a double three Elliott Wave structure. Down from wave ((3)) peak on June 1, wave (W) ended at 87.97 and rally in wave (X) ended at 90.407. Final leg lower wave (Y) ended at 85.4 which should also completed wave ((4)) in larger degree. The pair has started wave ((5)) higher but still needs to break above wave ((3)) at 91.185 to rule out a larger double correction.

Up from wave ((4)), wave ((i)) ended at 86.74 and pullback in wave ((ii)) ended at 86.25. Pair resumes higher in wave ((iii)) towards 88 and dips in wave ((iv)) ended at 87.41. Final leg higher wave ((v)) of 1 ended at 88.04. Wave 2 pullback is currently in progress to correct cycle from July 19 low before the rally resumes. The internal of wave 2 is unfolding as a zigzag Elliott Wave structure. Down from wave 1, wave ((a)) ended at 87.03. Pair should rally in wave ((b)) then turns lower again in wave ((c)) before ending wave 2. Near term, as far as July 19 pivot low at 85.4 stays intact, expect dips to find support in 3, 7, or 11 swing for further upside.

CADJPY 60 Minutes Elliott Wave Chart

CADJPY Elliott Wave Video

Author

Elliott Wave Forecast Team

ElliottWave-Forecast.com

EUR/USD: US Dollar to remain pressured until uncertainty fog dissipates

Unimpressive European Central Bank left monetary policy unchanged for the fifth consecutive meeting. The United States first-tier employment and inflation data is scheduled for the second week of February. EUR/USD battles to remain afloat above 1.1800, sellers moving to the sidelines.

GBP/USD softens to near 1.3600 as BoE hints further rate cuts

The GBP/USD pair loses ground to near 1.3610 during the early Asian session on Monday. The Pound Sterling softens against the Greenback amid growing expectations of the Bank of England’s interest-rate cut. Traders will take more cues from the Fedspeak later on Monday.

Gold eyes acceptance above $5,000, kicking off a big week

Gold is consolidating the latest uptick at around the $5,000 mark, with buyers gathering pace for a sustained uptrend as a critical week kicks off. All eyes remain on the delayed Nonfarm Payrolls and Consumer Price Index data from the United States due on Wednesday and Friday, respectively.

Top Crypto Gainers: Aster, Decred, and Kaspa rise as selling pressure wanes

Altcoins such as Aster, Decred, and Kaspa are leading the broader cryptocurrency market recovery over the last 24 hours, as Bitcoin holds above $70,000 on Monday, up from the $60,000 dip on Thursday.

Weekly column: Saturn-Neptune and the end of the Dollar’s 15-year bull cycle

Tariffs are not only inflationary for a nation but also risk undermining the trust and credibility that go hand in hand with the responsibility of being the leading nation in the free world and controlling the world’s reserve currency.

Bitcoin, Ethereum and Ripple consolidate after massive sell-off

Bitcoin, Ethereum, and Ripple prices consolidated on Monday after correcting by nearly 9%, 8%, and 10% in the previous week, respectively. BTC is hovering around $70,000, while ETH and XRP are facing rejection at key levels. Traders should be cautious: despite recent stabilization, upside recovery for these top three cryptocurrencies is capped as the broader trend remains bearish.