Australian Dollar / Japanese Yen (AUDJPY) Forex Elliott Wave Technical Analysis

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Australian Dollar / Japanese Yen (AUDJPY) Day Chart
AUDJPY Elliott Wave Technical Analysis
FUNCTION: Counter Trend
MODE: Impulsive
STRUCTURE: Orange wave C
POSITION: Navy blue wave 2
DIRECTION NEXT LOWER DEGREES: Navy blue wave 3
DETAILS: Orange wave B appears completed, with orange wave C of wave 2 now unfolding and approaching its conclusion. The wave cancel invalidation level is set at 109.366.
The AUDJPY Elliott Wave analysis on the daily chart indicates a counter-trend movement, with the mode categorized as impulsive. The current structure involves orange wave C, which forms part of a larger corrective phase known as navy blue wave 2. This implies that the pair is in the final phase of this corrective cycle, poised to resume the next impulsive wave.

Australian Dollar / Japanese Yen (AUDJPY) 4 Hour Chart
AUDJPY Elliott Wave Technical Analysis
FUNCTION: Counter Trend
MODE: Impulsive
STRUCTURE: Orange wave C
POSITION: Navy blue wave 2
DIRECTION NEXT LOWER DEGREES: Navy blue wave 3
DETAILS:
Orange wave B appears completed, and now orange wave C of navy blue wave 2 is actively in play, approaching its end. The wave cancel invalidation level is set at 109.366.
The AUDJPY Elliott Wave analysis on the 4-hour chart highlights a counter-trend movement with an impulsive mode. Currently, the market is within orange wave C, which is part of navy blue wave 2. This implies that the pair is nearing the final stages of a corrective phase before transitioning into the next wave in the broader trend.

Technical Analyst : Malik Awais

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