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Elliott Wave Analysis: AUDJPY Is Looking For Wave 5

Long
FX:AUDJPY   Australian Dollar / Japanese Yen
Hello traders!

Today we will talk about AUDJPY pair and its quite clear Elliott Wave pattern called bullish impulse.

Bullish impulse should be seen by five waves and as can see, AUDJPY looks to be trading in wave 4 correction with perfect 83.00 psychological support and with equality measurement of waves 2=4, right at the channel support line, from where we should be aware of another rally back to highs for wave 5 with room even up to 87 - 89 target area.

To confirm our view, it would be nice to see a recovery back above 84.60 bullish confirmation level, however, any bigger decline back below 82.00 level would invalidate our wave count.

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