Short term Elliott wave view in AUDJPY suggests that the main cycle from March low is showing a higher high sequence favoring more upside. While in the chart below, the pullback to 28 January low (79.18) ended wave (2). Up from there, the pair is showing an overlapping 5 wave structure thus suggesting that it’s forming a leading diagonal structure where wave ((i)) ended at 80.64 low high. Down from there, the pullback in wave ((ii)) unfolded as a zigzag structure where wave (a) ended at 79.67 low. Wave (b) ended at 80.37 high and wave (c) ended at 79.52 low thus completed wave ((ii)).
Then the pair rallied in 5 waves structure & ended wave ((iii)) ended at 81.19 high. Wave ((iv)) unfolded as a flat structure where lesser degree wave (a) ended at 80.94. Wave (b) ended at 81.16 high, wave (c) ended at 80.62 low & completed the pullback. Up from there, the pair is rallying higher in another 5 waves structure within wave ((v)). Whereas wave (i) ended at 81.10 high. Wave (ii) ended at 80.65 low, wave (iii) ended at 81.37 high, wave (iv) ended at 81.06 low. And wave (v) is expected to extend higher approximately towards 81.44- 81.56 area before the cycle from 28 January low ends in wave 1. Afterward, the pair is expected to see a pullback in wave 2, which should provide an opportunity in 3, 7, or 11 swings as far as a pivot from 79.18 low stays intact.
AUD/JPY 1 Hour Elliott Wave Chart
