Navigating AUDJPY's Correction: What Lies Ahead?
Updated
The AUDJPY currency pair has been in a bullish trend since late March, commencing at the level of 86.065. As of the current analysis, it seems that the pair is undergoing a corrective Wave 4, indicating a countertrend phase. This correction is composed of subwave A and subwave B within the larger context of Wave 4.
Presently, the pair appears to be in the process of forming Wave c of Wave 4, and my projection suggests that it is likely to decline in order to complete the Wave 4 correction. Two possible scenarios are: A pullback to 95.251 price zone and a trendline break at 94.321 to the downside. My anticipated price regions for the completion of this correction are identified at 92.038 and 90.46. Once this correction is completed, I expect the bullish trend to resume.
A breach of the price level at 96.969 to the upside would invalidate this wave count and the associated outlook.
Cheers!
Presently, the pair appears to be in the process of forming Wave c of Wave 4, and my projection suggests that it is likely to decline in order to complete the Wave 4 correction. Two possible scenarios are: A pullback to 95.251 price zone and a trendline break at 94.321 to the downside. My anticipated price regions for the completion of this correction are identified at 92.038 and 90.46. Once this correction is completed, I expect the bullish trend to resume.
A breach of the price level at 96.969 to the upside would invalidate this wave count and the associated outlook.
Cheers!
Note
Depending on your entry point: if you entered at the pullback, we are up by more than +73pips. If at the trendline break, the trade is now active.Trade closed: stop reached
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