EUR/USD reversed from support zone Next buy target - 1…
CAD/JPY falling inside impulse wave 5
- CAD/JPY falling inside impulse wave 5
- Next sell target - 81.00
CAD/JPY recently broke through the key support level 84.310 (which reversed the price shortly at the end of February). The breakout of the support level 84.310 accelerated the active impulse wave 5, which belongs to the intermediate impulse wave (C) from the start of January. CAD/JPY is expected to fall further toward the next sell target at next support level 81.00 (which reversed the price in last June and July).
We've got a bearish "High Wave", which has strong confirmation. In this case, the price is likely going to decline.
Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…
The 144 Moving Average has acted as support, but there's a bearish "Engulfing' at the local high.