Elliott Wave View: AUDJPY Looking for Bullish Breakout
Short Term Elliott Wave view in AUDJPY suggests the pullback to 75.3 ended wave 2. Internal subdivision of wave 2 unfolded as a double three Elliott Wave structure. Down from November 11 peak (77.09), wave ((w)) ended at 75.74, wave ((x)) ended at 76.77, and wave ((y)) ended at 75.3.
Pair has turned higher in wave 3, but it still needs to break above the previous wave 1 peak on November 11 to rule out a double correction. Internal of wave 3 is unfolding as a 5 waves impulse structure. Up from wave 2 low at 75.3, wave (i) ended at 75.97 and wave (ii) pullback ended at 75.66. Pair then resumes higher in wave (iii) towards 77.04, and pullback in wave (iv) ended at 76.4. Expect pair to extend a few more highs to end wave (v) and this should complete wave ((i)) in higher degree. Afterwards, expect pair to pullback in wave ((ii)) to correct cycle from November 20 low before the rally resumes. As far as pivot at November 20 low at 75.3 remains intact, expect dips to find support in 3, 7, or 11 swing for further upside.
AUDJPY 60 Minutes Elliott Wave Chart