Fxprotrader
Short

AUDJPY Potential Sell Setup In Corrective Structure

FX:AUDJPY   Australian Dollar/Japanese Yen
164 0 10
After an impulsive wave, price broke a key level and it looks like is in a correction at the moment. We already have the completion of waves A, B of an ABC corrective pattern and we keep a closer eye for catching wave C. We could enter the market at the moment as we see that price has bounced from the upper bond of the five wave structure of B wave, but the safest way to go short is to wait for a breakout of E wave.

As for profit targets we should aim for at least 1.27 fib ext. of A wave. Price may go all the way down to retest the broken long term level.
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