Commentary - Last week, we wrote that, the most likely next move is wave C to above 111.30 for a test of 112.54 (61.8% of 118.20-103.38). Potential reversal points above 112.54 are the 100% extension of 103.38-111.30/106.50 at 114.42 and the 78.6% at 115.03. The CADJPY has skyrocketed to above 113.00 and we expect a top and reversal at one of the mentioned objectives; 114.42 or 115.03.
Strategy - Look to get bearish near 114.42/115.023, against 118.20, target below 103.38
Commentary - We wrote last week that additional consolidation to complete waves d and e within the triangle should give way to a terminal thrust towards the 61.8% of 101.85-92.15 at 98.14 before the downtrend resumes. The 78.6% at 99.77 is also a possible reversal point. 99.77 seems more probable as that level is also the 100% extension of 92.15-97.21/94.67.
Strategy - Bullish against 96.49, target 99.50 (look to flip near 99.77)
Commentary - Last week, we wrote that the thrust lower ended at 76.93 and the NZDJPY has turned higher in impressive fashion, giving us confidence in our outlook for a rally towards 88.77 (roughly) before the downtrend resumes. The count is tracking well so continue to favor the upside for a test of 87/88.
Strategy - Bullish against 80.40, target 88.77 (then look to flip)