Technical analysis of NZD/CHF
CAD/JPY falling inside minor corrective wave 2
- CAD/JPY falling inside minor corrective wave 2
- Next sell target - 84.30
CAD/JPY continues to fall inside the minor corrective wave 2, which started earlier from the resistance zone lying between the key resistance level 85.70 (which stopped the previous medium-term impulse wave (1) in April), upper daily Bollinger Band and the 61.8% Fibonacci correction of the previous sharp downward impulse from the start of February. CAD/JPY is expected to fall toward the next sell target at the next support level 84.30 (low of wave (2)).
If we see a pullback from the lower 'Window', the pair is likely going to test the nearest Moving Averages...
Bearish Ichimoku Cloud with falling Senkou Span A and rising Senkou Span B; a dead cross of Tenkan-sen and Kijun-sen with falling lines.
The picture on W1 looks very much like the “Head and Shoulders” with the neckline at 3.68 or 3.56.