GBP/JPY Elliott Wave
For the last few days the GBP/JPY pair was developing impulsive wave 3 (coloured blue). Yesterday during European session we could observe a descending move toward the 126.90 level. Therefore during the New York session we could observe strong bearish mood in this currency pair and price drop to 125.10. Today during the early Asian session price continued to fall and we could observe price at the 124.59 level. We can consider this move as end of wave 3 (coloured blue). Presently we are at the start of the 4 wave. In accordance with our wave rules and taking into account that the wave 4 retraces 161.8% of the wave 2, we can define the potential targets with measuring 2 wave with Take Profit at 127.37 (161.8% of wave 2). The support level at the 124.50 level can be used as Stop Loss. Also it is necessary to consider the data concerning the GBP and JPY G8 Meetings that can affect the rate of the pair.

Support and Resistance levels
(S3) 123.29 (S2) 124.37 (S1) 125.04 (PP) 126.12 (R1) 127.20 (R2) 127.87 (R3) 128.95

Trading Forecast
Proceeding from Elliott Wave Rules this week the trend is expected to begin the upward movement. That is why Long positions at level 125.50 with Stop Loss at 124.50 and Take Profit at 127.37 are recommended

The material has been provided by Instaforex Company – instaforex.com

USD/CAD Elliott Wave
Yesterday the USD/CAD pair was trading upwards developing last 5 wave of the bigger 3 wave (coloured blue). During the European session we could observe ascending move toward the 1.0156 level. Therefore, during the New York session USD/CAD continued trading in a bullish mood reaching a new daily high at the 1.0195 level. Today during the Asian session we could observe one more push higher where the USD/CAD pair reached 1.0226. We can consider this move as the end of 3 wave (coloured blue) of the bigger (3) wave (coloured green). Presently we are at the start of the corrective 4 wave. In accordance with our wave rules and taking into account that the wave 4 retraces 61.8% of the wave 3, we can define the potential targets with Fibonacci retracements (1.0053-1.0226) with Take Profit 1 at 1.0108 (50% of wave 3) and Take Profit 2 at 1.0080 (61.8% of wave 3). The resistance level at 1.0225 can be used as Stop Loss. Also it is necessary to consider the data concerning the CAD Core CPI m/m, CPI m/m and USD Treasury Currency Report, G8 Meetings, that can affect the rate of the pair.

Support and Resistance levels
(S3) 1.0073 (S2) 1.0107 (S1) 1.0129 (PP) 1.0164 (R1) 1.0198 (R2) 1.0220 (R3) 1.0255

Trading Forecast
Proceeding from Elliott Wave Rules this week the trend is expected to begin the downward movement. That is why Short positions at level 1.0165 with Stop Loss at 1.0225, Take Profit 1 at 1.0108 and Take Profit 2 at 1.0080 are recommended

The material has been provided by Instaforex Company – instaforex.com

USD/CAD Elliott Wave
Yesterday the USD/CAD pair was trading upwards developing last 5 wave of the bigger 3 wave (coloured blue). During the European session we could observe ascending move toward the 1.0156 level. Therefore, during the New York session USD/CAD continued trading in a bullish mood reaching a new daily high at the 1.0195 level. Today during the Asian session we could observe one more push higher where the USD/CAD pair reached 1.0226. We can consider this move as the end of 3 wave (coloured blue) of the bigger (3) wave (coloured green). Presently we are at the start of the corrective 4 wave. In accordance with our wave rules and taking into account that the wave 4 retraces 61.8% of the wave 3, we can define the potential targets with Fibonacci retracements (1.0053-1.0226) with Take Profit 1 at 1.0108 (50% of wave 3) and Take Profit 2 at 1.0080 (61.8% of wave 3). The resistance level at 1.0225 can be used as Stop Loss. Also it is necessary to consider the data concerning the CAD Core CPI m/m, CPI m/m and USD Treasury Currency Report, G8 Meetings, that can affect the rate of the pair.

Support and Resistance levels
(S3) 1.0073 (S2) 1.0107 (S1) 1.0129 (PP) 1.0164 (R1) 1.0198 (R2) 1.0220 (R3) 1.0255

Trading Forecast
Proceeding from Elliott Wave Rules this week the trend is expected to begin the downward movement. That is why Short positions at level 1.0165 with Stop Loss at 1.0225, Take Profit 1 at 1.0108 and Take Profit 2 at 1.0080 are recommended

The material has been provided by Instaforex Company – instaforex.com