Our eye caught some very interesting structure on USDJPY which can be in bearish mode since the pair turned down from 103.05. We can count nice five waves down, so the current bounce can be only a temporary recovery in three waves. As such, we can expect the  top of wave “two or b†to be found around 102.30/50 area.
USDJPY, 30Min
Well, if we see USDJPY is in a downtrend and USDCAD is in an uptrend, then JPY is the strongest and CAD the weakest between these three currencies. So, I made a quick look on CADJPY where I see a nice bearish trend in progress, currently in pause of black wave 4 that can be making a triangle. If that’s true then the market will remain in bearish mode for a breakdown into wave 5 towards 77.00-77.40 area. Invalidation level is at 78.59.
CADJPY, 30Min
