Elliott Wave Analysis: USDJPY and AUDUSD
USDJPY is making an intraday dip, but decline is in three legs down, so we see it as a corrective move withing uptrend. Price is now at 61.8% with wave C, so it will be interesting to see how market will react at these levels. A bounce back above 118.00 can be coming as confirmation for a continuation higher.
Aussie is making a nice recovery, but traders should not fall in love with bullish trend too soon, as we see pair trading in wave C) which is final leg of a corrective wave two. Ideally, pair will unfold with five waves up towards 0.7300 where gains could get limited later this week.