FX:AUDJPY Australian Dollar/Japanese Yen
A couple of weeks ago I posted an analysis on this pair showing a potential 5 wave impulse to start the upside after the Brexit collapse. That forecast was invalidated and now this pair appears to be in a sideway consolidation. With time, price action has developed into a wave structure that is highly predictable. I'm expecting the ABC structure to complete this soon and give us an impulse up.
Price spiked after the news. However it does not look like anything close to an impulse. Secondly, this corrective wave has not met its fibonacci time target and is now in the middle of nowhere price and time wise. I highly suggest to refrain from buying this pair. Better yet look for the sell as we have a bear flag and a spike up to finish the move.