CADJPY Short Term Elliott Wave view suggests that Minor wave X ended at 87.78. Up from there, pair rallies as adouble three Elliott Wave structurewhereMinute wave ((w)) ended at 89.8 and Minute wave ((x)) is in progress. Subdivision of Minute wave ((x)) takes the form of a double three Elliott Wave structure. Decline to 88.96 ended Minutte wave (w) of ((x)) and Minutte wave (x) of ((x)) ended at 89.64.
Near term, pair has reached the 100% area from 11/6 peak so the minimum target forMinute wave ((x)) has been reached. However, another leg lower still can happen towards 88.22 - 88.56 area before Minute wave ((x)) ends and pair resumes the rally higher or bounce in 3 waves at least. As far as pivot at87.78 stays intact, expect pair to turn higher. We don't like selling the pair.
CADJPY 1 Hour Elliott Wave Analysis