AUD/JPY finds intraday sellers at equal legs area

In this technical article we’re going to look at the Elliott Wave charts of the AUD/JPY forex pair published in members' area of the website.  The pair has recently given us a 3 waves bounce that completed precisely at the equal legs area as we expected.  In the following text, we’ll explain the Elliott Wave analysis and present target areas.

AUD/JPY Elliott Wave one-hour chart 05.28.2025

AUD/JPY is currently forming a three-wave pullback against the 95.63 peak,  unfolding as a Zig Zag pattern — (a)-(b)-(c). Our members are aware that we get the potential reversal area by measuring the Equal Legs zone, (a)-(b). This zone comes at 93.65-94.61 area. We expect sellers to emerge within this region and anticipate a continuation of the decline toward new lows ideally.

AUD/JPY Elliott Wave one-hour chart 05.28.2025

The pair found sellers as expected in the Equal Legs area and has delivered a decent decline so far. We would now like to see a break below the May 23rd low to confirm that the next leg lower is in place. In that case, further downside extension would be expected, ideally targeting the 89.86 area.