CAD/JPY Signal- May 14, 2012

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By: DailyForex.com

Currency: CAD/JPY
Trend Expected Direction: Down
Method: Elliott Waves and Fibonacci Levels
Description: Looking at the technical picture for Loonie against Japanese Yen, We noticed an ending diagonal that started on 21st March of this year with a price 84.950 bouncing up and down for a month through waves ABC and landed D on 25th April at price 82.830 and now unfolding the last wave E which forming in what called 61,80 and 38,20 that divide the motive into two parts i to iii and iv to v so the whole D pattern should equal to 100% and that target 78.150 price point.
Recommendation: Sell and hold
Target Area: 78.150
Stop Loss: 80,650

CADJPY May 14 2012

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