AUDJPY HAS BULLISH CHARACTERISTICS - ELLIOTT WAVE ANALYSIS
Hi Ellioticians, this is my current look on the AUDJPY. A possible bullish advance unflding, up from 90.76 level. Price can be in a black wave (iii), with possible projection target of Fib. ratio of 2.0. At the mentioned target a correction can start developing.
Wave (iii) is an impulse, therefore five legs must unfold within it, before a correction as wave (iv) may start unfolding.
The parallel channel line suggests where wave (iv) correction can find support, once it starts to develop (at the middle parralel line, or at the lower one).
In case a sudden impulsive reversal starts unfolding towards the 90.75 level, then this would suggest a bigger, complex correction to be underway from the 94.32 level. On the other hand, more bullish and impulsive price activity would be a bullish sign.
Trade well.
Wave (iii) is an impulse, therefore five legs must unfold within it, before a correction as wave (iv) may start unfolding.
The parallel channel line suggests where wave (iv) correction can find support, once it starts to develop (at the middle parralel line, or at the lower one).
In case a sudden impulsive reversal starts unfolding towards the 90.75 level, then this would suggest a bigger, complex correction to be underway from the 94.32 level. On the other hand, more bullish and impulsive price activity would be a bullish sign.
Trade well.