#AUDJPY Daily #ElliottWave Count

AUDJPY Daily Elliott Wave Count

The AUDJPY has what looks like a nice five wave move up that took the shape of a Leading Diagonal, it started at 69.96 and ran up to the 76.32 area before pulling back again.  I am looking for a minimum 3 wave correction before turning back higher again back above the 76.32.  At this point I only see one leg down from the high and hope to see the other leg down start soon.  

AUDJPY Daily Elliott Wave Count

#AUDJPY Daily #ElliottWave Count

AUDJPY Daily Elliott Wave Count

I am sticking with the Leading Diagonal here although I may have tried to call it complete a bit early. 

The pair is currently testing the last swing high correction in the 76.00 area.  I would expect one more pop higher toward 77.00 for a 5th wave before the (b) wave correction lower starts.  

The alternate count here would be the WXY correction and even with that I would expect the pop higher before the pullback.  The pullback with the WXY would have to stay above the 73.35 wave iv low as that would be the X wave of the WXY.  The leg up from the 73.35 low I would label as A of the Y wave.  

AUDJPY Daily Elliott Wave Count

#AUDJPY Daily #ElliottWave Count

AUDJPY Daily Elliott Wave Count

As mentioned in the last Daily Elliott Wave Count update I was looking for one more high above 75.674 for a possible Elliott Wave Leading Diagonal.  The pair did make the new high so the Leading Diagonal is looking like a good count.  The low 69.963 will need to hold during the 3 wave correction.  I would expect a retest of the 72.00 area before moving higher in wave C wave or wave 3. 

AUDJPY Daily Elliott Wave Count

   

#AUDJPY Daily #ElliottWave Count

AUDJPY Daily Elliott Wave Count

On the last AUDJPY Daily Elliott Wave Count I posted on Dec 7th, I was looking at a possible 1-2 nesting.  On a break of the 75.674 high, the AUDJPY would have 5 waves up to complete a Leading Diagonal wave 1 or A.  IF this does in fact complete, we should see a 3 wave pullback before another 5 wave move higher.  

If the AUDJPY does not break the high before turning lower then the nesting is still possible. 

AUDJPY Daily Elliott Wave Count

#AUDJPY Daily #ElliottWave Count 72 A Must Hold

AUDJPY Daily Elliott Wave Count

72.00 is a must hold is the nested 1-2 is going to ply out here.  Below that and we have an ABC up with an eventual break of the 69.96 level that could be an Ending Diagonal looking at the wedge formation in the orange lines.

AUDJPY Daily Elliott Wave Count

$AUDJPY Consolidation to break lower?

$AUDJPY Consolidation to break lower?

The $AUDJPY has been in some serious consolidation since the beginning of March, I believe the pair will break lower for a move to the 74.65 area before recovering and making a move back above 90.00.



Since the highs of Sept. 2017 at 90.30, price has created 3 waves lower to the early March lows around 80.50.  Since this time it has consolidated in a 400 pip range from 84.50 to 80.50.  The 84.50 has been some very tough resistance going as far back to May 2017.  In May of 2017 it rejected price for a short time before breaking higher and becoming support in Nov of 2017.  Price did break down through the 84.50 area again in Feb 2018 were it has acted as resistance on three attempts to break higher.  If price does have a solid break and hold above 84.50 then I would be looking for a move above 90.00.  A break below 80.50 could target two equal legs low at 74.68 before the move higher resumes.

AUDJPY Daily Chart

 

#AUDJPY Daily Elliott Wave Update

#AUDJPY Daily Elliott Wave Update

The Daily #AUDJPY Elliott Wave Count is showing the circle abc up for the A wave with the B wave down in progress.  I believe the circle a down is complete or near complete and the B wave up should start soon.  

Note that the RSI is currently oversold.  It is possible we could see another bounce with a spike lower to create RSI divergence before the B up begins. 

AUDJPY Daily Elliott Wave Count