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CADJPY: Elliottwave Structure Suggests Consolidation

Revised short term Elliottwave structure suggests dips to 84.15 ended wave ((w)). Wave ((x)) bounce from there is unfolding as a triangle where wave ((a)) ended at 86.29, wave ((b)) ended at 84.92, and wave ((c)) is currently in progress. Pair is expected to do sideways movement and consolidate in the triangle while wave ((a)) at 86.294 needs to stay intact for the triangle idea to remain valid. We don't like buying the proposed bounce and expect the pair to resume lower once the triangle consolidation is over.

CADJPY Short-term Elliott Wave Analysis Chart
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