Elliott Wave Analysis On USDCAD And USDJPY
Because of recent price movement we kind of changed our wave count on USDCAD, and are now looking lower within red wave 3) with a projected Fibonacci target at 1.2684 level, from where bears may temporarily slow down and a bullish reversal into wave 4) may occur. A decisive break beneath the lower corrective channel line could be the confirmation, that lower levels may follow.
USDJPY fell nicely down to our 261.8% Fibonacci projection this week where wave 5 might completed an extended red wave 3) based on sharp turn back to 101.00 area. However, despite a strong intraday bounce we see leg up as part of a new corrective rally. We are talking about red wave 4) that can make a flat so more upside may follow to around 101.50, before market would be ready for a new strong sell-off, then into wave 5) through 99.00 mark.
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