CADJPY: Anticipating a Bullish Breakout

CADJPY has been observed to be in a bullish trend that was initiated on the 24th of March. From the technical analysis, it appears that the pair has completed wave 1 and 3 of the impulsive move, with wave 3 delivering a considerable 280 pips gain. The wave 3 appears to have peaked on April 4th at 99.185, and since then, we have seen a decline in price, indicating the onset of corrective wave 4.

My current analysis reveals that the pair is presently in corrective wave 4, which appears to be characterized by a contracting triangle pattern. Based on this observed pattern, I'm anticipating an upward breakout to complete the wave 5 of the impulsive move.

Consequently, my ultimate price objective for CADJPY is 99.858, with a medium-term target set at 99.432. It is essential to note that any price decline below 95.505 will render this forecast invalid.

Comment:

Price has moved over 112Pips in the projected direction.

Comment:

First target hit @ 152Pips.

Comment:

2nd target hit.

Comment:

This trade took a whole week to fully playout.

Trade closed: target reached