AUDJPY Short-Term Elliott Wave Analysis
Best reading of the Elliott Wave cycle suggests decline to 85.42 ended wave (4). From this level, pair has resumed rally in wave (5) as a double three structure where wave W ended at 87.95, and wave X pullback is currently in progress. Internal of wave X is unfolding as a double three structure where wave ((w)) ended at 87.12, wave ((x)) ended at 87.68, and wave ((y)) of X is in progress towards 86.38 - 86.68 area. As far as wave (4) low at 85.42 pivot stays intact during wave X pullback, the pair is expected to find buyers from 86.38 - 86.68 area and has scope to resume higher to 88.6 - 89.1.
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