Forex

CADJPY Might Have Topped: Elliott Wave UpdateOct 3, 2023

CADJPY might have topped as we see it turning sharply down after a complete 5th wave by Elliott wave theory.

In September we have been talking and sharing a lot about CADJPY pair, where we were tracking final 5th wave, which came out of bullish wave 4 triangle pattern. CLICK HERE

Today on October 3rd USD/JPY smashed lower in sign of intervention. The MOF shows up right on time. Masato Kanda, the top currency official at the (MOF) Ministry of Finance has said he’s keeping in close contact with his US counterparts.

CADJPY is sharply down after a completed higher degree wave V, so it can be now turning bearish in minimum three waves A/1-B/2-C/3 down to 106 – 104 area for wave C or maybe even lower for wave 3, but ideally after current pullback in wave B/2.

CADJPY Might Have Topped: Elliott Wave Update CADJPY 4H Chart
CADJPY 4H Chart

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