Short Term View in AUDJPY shows a bearish sequence from April 20, 2022 high favoring further downside. The decline from April 20 is unfolding as a zigzag Elliott Wave structure. Down from April 20, wave (A) ended at 90.41 and rally in wave (B) ended at 94.02. Internal of wave (B) unfolded as a double three Elliott Wave structure. Up from wave (A), wave W ended at 93.52 and pullback in wave X ended at 91.45. Pair then extended higher in wave Y towards 94.01 which completed wave (B).
Pair has resumed lower in wave (C). Internal of wave (C) is unfolding as a 5 waves impulse Elliott Wave structure. Down from wave (B), wave 1 ended at 89.72 and rally in wave 2 ended at 91.76. Near term, as far as rally fails below 91.76, and more importantly below 94.01, expect pair to extend lower. Potential target lower is 100% – 123.6% fibonacci extension from April 20 high at
Down from wave X, wave (i) ended at 106.45 and rally in wave (ii) ended at 111.18. Oil then extends lower in wave (iii) towards 100.44, and rally in wave (iv) ended at 104.16. Expect wave (v) of ((a)) to end soon, then Oil should rally in wave ((b)) to correct the decline from May 5, 2022 high before it resumes lower. Potential target lower is 100% – 161.8% Fibonacci extension from March 24, 2022 peak at 85.45 – 88.7 area.
AUDJPY 60 Minutes Elliott Wave Chart
