CADJPY Chart Technical Outlook the Yen baskets suggest we are in a corrective rally
Looking at the JPY basket, we look to be forming a Crab pattern. That would suggest that we are currently moving lower within the BC leg. The prime support level is 88.6% of the last rally. This is located at 6494.
CAD/JPY – using correlation, it would suggest we are moving higher within the corrective BC leg. It should be noted that my system trade setup would be to Buy the completion of the Bat formation close to 104.66. It is likely this will coincide with the completion of the Crab formation from the JPY basket.
