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$AUDJPY Elliott Wave Analysis: While Below 79.13 Can Extend Lower

Short term Elliott Wave count suggests that rally to 79.13 ended wave X. Decline from there is unfolding as a double three where wave ((w)) ended at 75.95 and wave ((x)) bounce is proposed complete at 77.53. While bounces stay below there, and more importantly below 79.13, expect the pair to extend lower towards 73.6 – 74.35 area. We don’t like buying the proposed bounce.

AUD/JPY Elliott Wave Analysis Chart
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