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Talking Points:
AUDJPY Technical Strategy: Neutral
Support: 88.73, 88.22, 87.50
Resistance: 89.50, 89.90, 90.25
The AudJpy came out from it's consolidation and started new trend, break below 89.13 will expose 88.22 support while daily close above 89.52 will find resistance on 90.25.
On Elliottwave, we were tracking this count as a flat correction for wave iv, on daily chart which was completed 92.61. Break on bearish trendline last week confirmed our count and we now tracking bearish impulse count. On 240 min, we are experiencing wave 3 and we might soon see small wave 4 followed by another wave down to complete five wave pattern.
Current levels are not promising for sell order, we might hold for a while to find better levels to trade. To receive instance trade update and analysis, please subscribe us for free risk free 15 days trial by clicking here.