CADJPY: Anticipating a Bullish Breakout
Updated
CADJPY has been observed to be in a bullish trend that was initiated on the 24th of March. From the technical analysis, it appears that the pair has completed wave 1 and 3 of the impulsive move, with wave 3 delivering a considerable 280 pips gain. The wave 3 appears to have peaked on April 4th at 99.185, and since then, we have seen a decline in price, indicating the onset of corrective wave 4.
My current analysis reveals that the pair is presently in corrective wave 4, which appears to be characterized by a contracting triangle pattern. Based on this observed pattern, I'm anticipating an upward breakout to complete the wave 5 of the impulsive move.
Consequently, my ultimate price objective for CADJPY is 99.858, with a medium-term target set at 99.432. It is essential to note that any price decline below 95.505 will render this forecast invalid.
My current analysis reveals that the pair is presently in corrective wave 4, which appears to be characterized by a contracting triangle pattern. Based on this observed pattern, I'm anticipating an upward breakout to complete the wave 5 of the impulsive move.
Consequently, my ultimate price objective for CADJPY is 99.858, with a medium-term target set at 99.432. It is essential to note that any price decline below 95.505 will render this forecast invalid.
Note
Price has moved over 112Pips in the projected direction.Note
First target hit @ 152Pips.Note
2nd target hit.Note
This trade took a whole week to fully playout. Trade closed: target reached
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