Elliott wave view: Further weakness in AUD/JPY expected inbox [Video]

Elliott Wave Forecast Team ElliottWave-Forecast.com

Short term Elliott Wave View in AUDJPY suggests that cycle from August 31 high is unfolding as a zigzag Elliott Wave structure. On the 60 minutes chart below, we can see wave B of this zigzag ended at 76.52. Pair has resumed lower in wave C with the internal subdivision as 5 waves impulse. Pair still needs to break below the previous low on September 24 low (not shown) at 73.95 to confirm the view and avoid a double correction.

Down from wave B high at 76.52, wave (i) ended at 75.44 and bounce in wave (ii) ended at 75.94. Pair then resumed lower again in wave (iii) towards 74.23, and bounce in wave (iv) ended at 74.95. Final leg wave (v) ended at 74.17. The 5 waves move lower ended wave ((i)) of C in higher degree. Wave ((ii)) correction is currently in progress as a zigzag structure to correct cycle from October 10 high. Afterwards, expect pair to resume lower again. As far as pivot at October 10 high at 76.52 remains intact, pair should find sellers in 3, 7, or 11 swing for further weakness. Potential target lower is 100% Fibonacci extension from August 31 peak at 70.9 – 72.

AUD/JPY 1 Hour Elliott Wave Chart

AUD/JPY Elliott Wave Video

Author

Elliott Wave Forecast Team

ElliottWave-Forecast.com

EUR/USD off highs, back to around 1.1900

EUR/USD keeps its strong bid bias in place despite recedeing to the 1.1900 zone following earlier peaks north of 1.1900 the figure on Monday. The US Dollar remains under pressure, as traders stay on the sidelines ahead of Wednesday’s key January jobs report, leaving the pair room to extend its upward trend for now.

GBP/USD hits three-day peaks, targets 1.3700

GBP/USD is clocking decent gains at the start of the week, advancing to three-day highs near 1.3670 and building on Friday’s solid performance. The better tone in the British Pound comes on the back of the intense sekk-off in the Greenback and despite re-emerging signs of a fresh government crisis in the UK.

Gold picks up pace, retargets $5,100

Gold gathers fresh steam, challenging daily highs en route to the $5,100 mark per troy ounce in the latter part of Monday’s session. The precious metal finds support from fresh signs of continued buying by the PBoC, while expectations that the Fed could lean more dovish also collaborate with the uptick.

Crypto Today: Bitcoin steadies around $70,000, Ethereum and XRP remain under pressure

Bitcoin hovers around $70,000, up near 15% from last week's low of $60,000 despite low retail demand. Ethereum delicately holds $2,000 support as weak technicals weigh amid declining futures Open Interest. XRP seeks support above $1.40 after facing rejection at $1.54 during the previous week's sharp rebound.

Japanese PM Takaichi nabs unprecedented victory – US data eyed this week

I do not think I would be exaggerating to say that Japanese Prime Minister Sanae Takaichi’s snap general election gamble paid off over the weekend – and then some. This secured the Liberal Democratic Party (LDP) an unprecedented mandate just three months into her tenure.

Ripple exposed to volatility amid low retail interest, modest fund inflows

Ripple (XRP) is extending its intraday decline to around $1.40 at the time of writing on Monday amid growing pressure from the retail market and risk-off sentiment that continues to keep investors on the sidelines.