Elliott Wave Analysis: EURJPY and CADJPY
We have seen some weakness on yen crosses during Asian hours, but we see only corrective set-backs within uptrend. EURJPY turned back down to the area of a former wave four where market already found some support. That’s not a surprise because structure from the highs is in three waves so uptrend may resume soon. Break above 120.66 will open door for a push to a new high.
We see very similar situation on CADJPY; there is a strong five wave rise from 84.17 followed by a very deep and more importantly very slow pullback which is normally a correction. Ideally that’s an A-B-C decline that is now trading near potential support zone. Break above 85.14 will put bulls in play.
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