Elliott wave Analysis: CADJPY Update

Even CADJPY just like USDJPY and many XXX/JPY crosses can be approaching a resistance zone here, so can we see a sell-off soon?! Well, even US stocks are recovering only in three waves, so watch out for a bearish turn soon! That said, we think that CADJPY can be trading in the final stages of an ending diagonal within wave C of a big flat A-B-C correction that can stop right around psychological 87 resistance area, but keep in mind that we need an impulsive decline within five waves to confirm a bearish reversal!

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CADJPY, 4h

cadjpy, 4h.