AUDJPY Overextended: Watching for a Corrective Pullback

📈 Taking a closer look at AUD/JPY, we can see that price is in a strong bullish trend, but currently overextended and trading into a major external range high — an area rich in liquidity 🏦. The market appears to be absorbing buy-side liquidity, signaling that a corrective phase may be approaching.

From a structural standpoint, I’m monitoring two overlapping concepts — a potential Three-Drive pattern 🌀 and a Five-Wave structure that may lead into an ABC correction. Both suggest that price could be preparing for a deeper retracement before the next bullish leg resumes.

At this stage, I’m not interested in buying at a premium 💸. Instead, I’ll wait for price to pull back, ideally into a discount zone, and then look for bullish structure confirmation to rejoin the trend. Patience here is key — let the market come to you. 🧘‍♂️

💬 Disclaimer: This analysis is for educational purposes only and not financial advice. Always trade responsibly and manage risk effectively.