AUD/JPY has finished 5 waves up inside an ascending channel and started its correction with wave A and wave B also forming a small bearish flag which is known to be a continuation pattern for more downside.
Because AUD/JPY finished 5 waves up, I expect it to break this ascending formation with wave C possibly reaching the 161.8% Fibonacci Extension level at (79.265), which is also the previous wave IV, and the previous wave IV according to the Elliott principle is known to be a very important and critical level.
Stoploss: at 84.000 .
Because AUD/JPY finished 5 waves up, I expect it to break this ascending formation with wave C possibly reaching the 161.8% Fibonacci Extension level at (79.265), which is also the previous wave IV, and the previous wave IV according to the Elliott principle is known to be a very important and critical level.
Stoploss: at 84.000 .