Short Term Elliott Wave View suggests AUDJPY rally from March 19 low shows incomplete sequence favoring more upside. The rally is currently unfolding as a double three structure. Up from March 19 low, wave (W) ended at 67.7 and pullback in wave (X) ended at 64.37. Internal of wave (X) unfolded as a zigzag where wave A ended at 64.86, wave B ended at 67.27, and wave C ended at 64.37. Pair has resumed higher in wave (Y) and broken above wave (W) at 67.7, suggesting the next leg higher has started.
Up from wave (X) low at 64.37, rally is unfolding as a zigzag structure with the first leg wave ((a)) ended at 67.67 as 5 waves impulse. Wave (i) of ((a)) ended at 65.61 and wave (ii) of ((a)) ended at 64.81. Pair resumes higher in wave (iii) of ((a)) towards 66.80 and wave (iv) of ((a)) ended at 66.4. Final leg wave (v) ended at 67.67 which also completed wave ((a)). Pullback in wave ((b)) has also ended at 66.4. Near term, while dips stay above 66.4 in the first degree, and 64.37 in the second degree, expect pair to extend higher. Potential target higher is wave ((c)) = ((a)) which comes at 69.7 – 70.4.
AUD/JPY 1 Hour Elliott Wave Chart
