AUDJPY-two corrective patterns finished

FX:AUDJPY   Australian Dollar / Japanese Yen
1241 12 23
Hello, i don't know if this pairs has bottomed BUT I can wee on weekly chart two corrective patterns containig nicely the price.
We have also a perfect bullish butterfly still in play, strong S/R level .

Harmonic patterns work! because both EW and Harmonics are based on fib ratios. I use all the information available than can give me extra confidence to enter a trade, no closing my mind to them.

Here on D1 chart we have a nice 0.7860 deep retracement.

Ideal final target would be 90.00

Be carefull this pair is strongly correlated with AUDUSD             so do not overexpose your account.

Best regards.

as for aj . eyeing 86 area
take a look at this, I think we will have an opportunity at the trendline resistance to get short:
FullTimeTrader Koryphaeen
good one, coud be a nice chance to make some pips. regards.
+1 Reply
mkdeep04 Koryphaeen
nice count.. would be interesting to eye this pair for short.. thks bro
+1 Reply
mkdeep04 mkdeep04
+1 Reply
I can tell you that for technical reasons, because my EW count on the AUDUSD suggests that we are in the presence of a future steep, very steep, 3rd wave, I got long already on the AUDUSD on the 0.886 retracement of the 1st wave where in my opinion wave 2 finished. And since the two pairs are strongly correlated, your setup seems to me to be very precise as well. Both of the pairs are showing bullish momentum, so good luck with your trade! Let's see what will happen.
Koryphaeen Koryphaeen
Koryphaeen Koryphaeen
I think that an A B C correction will now follow with 5-3-5 zigzag structure and we are now on wave 3 of A wave
FullTimeTrader Koryphaeen
Agree 100%, one more idea, first wave appears to be a leading diagonal, according to EW guidelines when this happens we should expect and extended wave 3. Good luck!!
+1 Reply
Koryphaeen FullTimeTrader
So if it is an extended 3, the better. It will show further signs in movement and TP can be adjusted accordingly. Good luck to you too!
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