Here is a CAD/JPY hourly chart showing what appears to be a 5 wave 'C' rally from the low. Recent price action seems to be in a series of 3 waves movements, and in an expanding diagonal formation, which is quite rare. If this count is correct, price cannot exceed 89.95 however conservative traders may wish to place their stops above the yearly high at 90.62. I have drawn in the Fibonacci levels for wave 3 and projected them onto wave 5 for you to see. As wave 1 is longer than wave 3 wave 5 must be shorter as wave 3 can never be the shortest wave.
Here is a 15 minute close up of the expanding ending diagonal. As you can see we are very close to critical levels for the pair. I will be looking to short at 89.75 with a long term hold target well below 82.
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