CAD/JPY Elliott Wave: Forecasting the rally after three waves pull back

Elliott Wave Forecast Team ElliottWave-Forecast.com

In this technical blog we’re going to take a quick look at the Elliott Wave charts of CADJPY , published in members area of the website. As our members know we are favoring the long side in YEN pairs. Recently the pair has given us 3 waves pull back that found buyers right at the equal legs area. In the further text we are going to explain the Elliott Wave forecast.

CAD/JPY four-hour weekend update 04.13.2024

CADJPY is giving us 4 red pullback against the 108.653 low. The current outlook indicates that the pullback may be evolving as an Elliott Wave Expanded Flat pattern. It’s crucial to observe that the extreme zone has already been reached at 111.168-110.358. We anticipate buyers to emerge in this area, potentially driving a further rally towards new highs or at least generating a three-wave bounce.

CAD/JPY four-hour update 04.13.2024

CADJPY has given us a nice reaction from the Equal Legs-Buyers zone as expected. We count wave 4 red pullback completed at the 110.854 low. Now, we would like to see a break of the 3 red peak to confirm that the next leg up is in progress. We don’t recommend selling the pair in any proposed pullback, and favor the long side.

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Elliott Wave Forecast Team

ElliottWave-Forecast.com

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