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Elliottwave-Forecast

Elliottwave-Forecast

Elliottwave-Forecast.com (by EME PROCESSING AND CONSULTING LLC) was founded in 2005 by Eric Morera. Since inception our company has provided tailored Financial Market Services to…

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AUD/JPY Short-Term Elliott Wave Analysis

Decline to 89.19 completed wave (W), and pair has since bounced in wave (X) from this level. Short term Elliott Wave view suggests wave (X) bounce is unfolding in a double corrective structure W-X-Y where wave W ended at 92.43, and wave X is in progress towards 90.44 - 90.83. Once wave X is complete, the pair has a scope to turn one more leg higher in wave Y towards 92.9 - 93.88 to complete wave (X) bounce as far as 89.19 pivot stays intact. We don't like buying the proposed wave Y bounce.

We expect the pair to extend another leg to a new low from 92.9 - 93.88 area once wave (X) bounce is complete or at least pullback in 3 waves per Elliott Wave hedging idea.

AUD/JPY Short-Term Wave Analysis Chart
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