The Pound price continues to attempt to perform a downward reversal, and it is possible that the development of a series of the first 1-2 1-2 waves downwards is still going on at the lower degrees. If the current assumption receives support, then fixing the price below the confirming level may increase the pressure on the pair’s value. Also, this assumption can be supported by sentiment data, which almost came close to a critically large number of bulls.
The Canadian dollar is still trading in a correctional framework, against the Japanese yen is represented in the wave (4).
The Canadian dollar against the Japanese yen is still trading in a corrective wave in the form of a triangle, representing the wave (4). The upper critical limit is represented in 107.647 the lower critical limit in 101.424, which prices should not exceed until the pattern is completed, and any breach of one of them represents a failure in the pattern.
It is still trading within the corrective wave (4) that targets 38.2% retracement of wave (3) at 93.740. and it’s critical limit that cannot be breached to prevent overlap with the wave (1) is 78.479.
Looking for more upside in wave (5) after this retrace in wave (4) ends, critical support at 73.827
Looking for more upside to complete wave y, critical support at 73.827