AUDJPY pair dropped in sharp and impulsive leg for wave (A) in July, which is a bearish confirmation, so we think deeper (A)-(B)-(C) correction is here and after recent three-wave ABC corrective rally in wave (B), more weakness may show up for wave (C). Ideally it’s already happening now as pair broke out of a rising channel. Be prepared for more downside.
AUDJPY Daily Chart
Basic Elliott wave pattern shows that after every five-wave cycle, we should be aware of a three-wave A-B-C decline.
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