Hello traders! CADJPY is trading in a new impulsive five-wave cycle which looks to be unfinished and if consider minimum target of 161,8% Fibonacci extension at 90.0 level. Then we will probably see more upside for wave (5).
However, before a continuation higher, we may currently see a corrective slow down within (4). Where ideal support would be at the previous swing high and between 23,6% – 38,2% Fibonacci retracement. Actually at that trendline connected from the lows and around 88.30 – 88.00 levels.
So, once a correction in wave (4) fully unfolds, we can easily expect more gains towards 90.0 level within wave (5).
Elliott Wave Analysis: CADJPY Pointing To 90 Level by ew-forecast on TradingView.com