AUD/JPY shows bullish development

Gregor Horvat Wavetraders

AUDJPY has turned nicely lower recently after it made five waves up and confirmed a temporary top around 113.60, as the market came down and broke the channel support this week. Now it looks like we are in a stage for a deeper ABC correction. Usually, it will take us back to the area of the previous wave four, which is already the case, but now that we have a minimum three-wave correction, this setback could continue for a bit longer before it finds some deeper support and completes this corrective wave two setback, maybe next week. That's when we could start seeing some new interesting rebound on this pair, especially if stocks remain in bullish mode, which I personally still see as being in some intraday consolidation.

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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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