Tuesday, September 27, 2016

CadJpy: A Rally to 78.5?

At the beginning of last week, we expected a rally after identifying a 5-wave down. The rally did come but short-lived due to economic releases from Japan and the effect of Crude Oil on Cad.

It looks like we could have the rally now and we want to bank on this one.

The rally is expected to b a sharp corrective move. Immediate move to 77.45 and later to 78.5 is likely.

This pair has well the stretched downside, so the rally could even advance further the 78.5. We will see how price respond to the sudden bullish bar on the 1 hr chart.

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