CADJPY Chart Technical Outlook the wedge target of 108.82 has been achieved
The cross broke out of the ending wedge formation to the downside. The measured move target of 108.82 has been achieved. We have a 161.8% extension level located at 109.10. With the YEN basket sitting at resistance, there is ample scope for an upside correction in the cross. I would analyze this potential move as a fourth-wave correction. Bespoke resistance is located at 109.70. The 261.8% extension level is located at 107.43. My preferred stance is to sell into rallies.
