CADJPY Analysis (Sunday 26 April, 2020)

FX:CADJPY   Canadian Dollar / Japanese Yen
This one is straight out the textbook. As you can see, price formed an ending diagonal and if you have keen eyes you would have been able to also spot another one within the Fifth Wave of the ending diagonal . Afterward, price sold off significantly, creating an A-B-C pattern, with Wave C being extended.

More recently, price broke out of an ascending channel and now we are retesting it. We could see price retrace to the 61.85 level or even deeper to the 78.6% level. `After that we could see a price drop.


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