Temporary Consolidation on AUDJPY Points Lower - Elliott wave Analysis

ANALYSIS | 10/19/2018 15:00:07 GMT

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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