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Elliott Wave Analysis: AUD/JPY Looks Higher

Elliott Wave Analysis: AUD/JPY Looks Higher

AUD/JPY is trading bullish, out of a bigger Elliott wave ending diagonal, which found a low at the 78.73 level. We are tracking a five-wave rally with pair trading at the end of a corrective wave 4). Measurement equality for corrective waves 2) and 4) were reached, which means recent wave 4) can be over and a new rise into final wave 5) may follow. A break above the 82.74 would indicate a wave 5) to be in play, which could later reach 83.44 projection target.

If the pair already found a top, as the alternate scenario suggests, then a bigger, bearish reversal can be in play for the pair. But in either case we think pair is headed higher.

AUD/JPY

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