AUDJPY closing in on target

FX:AUDJPY   Australian Dollar / Japanese Yen
224 2 9
AUDJPY             moved as expected although wave E undershoot. This is why trading structure is important so we don't miss a trade because of incomplete patterns. A wave 'E' very often undershoots or overshoots a triangle. Nevertheless my minimum target will still be the previous low. Once this low is in place I will be focusing on a major reversal that will break above 100.


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Comment: To determine whether or not the bottom is in place, I will focus on the 1 hour time frame in terms of a 5 wave impulse higher or not. If we see a 5 wave impulse then the bottom is likely in place for a truncated wave 5 of higher degree.

updates will follow because either way new trading opportunities will present them self soon.
Comment: The AUDJPY might be unfolding in a bigger triangle than I first anticipated. I will closely watch this and update once things change.

you sure will go down to 78.159
TimStuyts ErweenSingh
Nothing is for sure but yes my bias is still that it will reach that target. But let's see whether it settles and makes one leg lower.
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