EUR/JPY broke key support level 131…
CAD/JPY rising inside impulse waves 3 and (3)
- CAD/JPY rising inside impulse waves 3 and (3)
- Next buy target - 89.70
CAD/JPY continues to rise inside the minor impulse wave 3, which belongs to the intermediate impulse wave (3) from the start of August (which started earlier from the support zone surrounding the support level 85.50, as can be seen from the daily CAD/JPY chart below). The active intermediate impulse sequence (3) itself belongs to the primary upward impulse ③ from the end of April. CAD/JPY is expected to rise to next buy target at the next resistance level 89.70 (top of the impulse wave (1)).
There isn't any reversal pattern so far. If the 21 MA acts as resistance, we're likely going to have just another decline...
Expanding bullish Ichimoku Cloud with rising Senkou Span A; a cancelled golden cross of Tenkan-sen and Kijun-sen; the prices are returned to the support of Tenkan and Kijun and may go higher.
Narrow bearish Ichimoku Cloud with horizontal Senkou Span A and B; a golden cross of Tenkan-sen and Kijun-sen, but the lines are horizontal; the Bulls can’t breaking out the resistance of upper border of the Cloud and the market may return to 113.00.