Elliott Wave Analysis: CADJPY Could Face An Intra-day Correction; New Turning Point Could Be At 84

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While stocks market seems to be turning to a risk-off mode we are tracking JPY pairs very closely. The one that we are tracking very closely is still CADJPY that made five waves down from 85.54, so this pair can be interesting for shorts after a three wave retracement back to 84.00 resistance.

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CADJPY, 1H

CADJPY 1

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Gregor Horvat first made his name in Slovenia and has become world famous in the forex market since 2003. He is both a trader and a technical analyst who offers trading strategies on the Fibonacci and Elliot Wave principle. His main focus is on currency pairs, U.S. stock market, gold and oil. Gregor Horvat found the forex service offered on http://www.ew-forecast.com/. This website provides traders technical analysis, while putting emphasis on behavioral patterns. These are derived from the Elliott Wave Principle (EWP). Traders who are interested in the entry and exit positions, and he probability of the former and latter follow the EWP on a regular basis.