The short term Elliott Wave structure suggests the pair should be closing in on the completion of the blue (w) into the 94.00 handle. We expect the pair to rally in a corrective 3, 7, or 11 wave structure off this inflection zone to form blue (x) wave higher in the near term. This three wave structure lower in blue (w)-(x)-(y) is a part of a larger black (y) wave, and remains valid while below the 96.16 invalidation level. We don’t like buying the CAD/JPY at this time, and prefer selling the corrective blue (x) wave into its inflection zone.
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