AUD/JPY may continue lower

Gregor Horvat Wavetraders

AUDJPY pair dropped in sharp and impulsive leg for wave (A) in July, which is a bearish confirmation, so we think deeper (A)-(B)-(C) correction is here and after recent three-wave ABC corrective rally in wave (B), more weakness may show up for wave (C). Ideally it’s already happening now as pair broke out of a rising channel. Be prepared for more downside.

AUDJPY Daily Chart

Basic Elliott wave pattern shows that after every five-wave cycle, we should be aware of a three-wave A-B-C decline.

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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