CADJPY
CHFJPY
NZDJPY
Commentary – We wrote last week that “there is little doubt that the rally is in wave 5 within the 5 wave rally from 103.38. Within wave 5 from 115.79, the rally is also in wave v. Expect a blowoff top…before a reversal.” After trading to 125.55 on 11/7, the CADJPY plummeted over 1200 pips. The decline is in3 waves so far but a drop below 112.53 would make the decline from the top 5 waves and give scope to a corrective rally.
Strategy – Flat
Commentary – We mentioned last week that the entire rally from 92.15 may be a complex correction (W-X-Y). A drop below 96.77 would make the decline from 100.72 a 5 wave decline and give way to a corrective rally before the larger decline resumes. Rallying through 98.89 without first coming under 96.77 would be bullish for the CHFJPY.
Strategy – Flat
Commentary – All of the 3 wave movements in the NZDJPY suggest that a triangle is unfolding. If a triangle is unfolding, then we would likely see more weakness in this leg (the third leg of the triangle) before an up, down sequence completes the triangle. In summary, NZDJPY might enter a tight range period. If the triangle plays out as expected, we will try to catch the breakout.
Strategy – Flat