Temporary Consolidation on AUDJPY Points Lower - Elliott wave Analysis

Gregor Horvat Wavetraders

Hello traders,

AUDJPY is slowly recovering within very choppy and overlapping price action, which means that we have to track it as a corrective rally, especially because of bearish looking stocks. What we see is a three-wave a-b-c corrective rise within channel range, where we see a room towards 80.60, maybe even 81.00 resistance area. Even if price goes higher, invalidation level remains at 82.46 level, just keep in mind that bears can be confirmed only below 79.48 region.

AUDJPY, 4h

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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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