Elliott Wave Analysis On USDJPY And AUDUSD
USDJPY is still in the uptrend from recent lows. Because of five visible sub-waves in the blue wave three, we believe that price will make a minimum three wave setback in blue wave four position, with possible support levels seen around 108.30-60 zone, where even 38.2 Fibonacci support can act as a turning point higher. After the corrective pullback is over we should see a continuation higher into the fifth and final wave with resistance around 109.60 region. This will mark a temporary end of an upward move.
Invalidation level is at- 107.702 as long as price trades above it, we are looking to the upside.
AUDUSD is still in the black wave 4 corrective phase. After a three wave fall this should represent an a-b-c pullback with resistance levels seen around 0.7384/0.7392 zone, where even fromer wave four of a lesser degree can act as a turning point. There we will look for signs of a reversal with invalidation levels at wave i) lows at 0.7446.
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