AUDJPY made a sharp rally recently, which we see it as a sharp corrective wave 4. Notice that price reached some significant resistance zones, which can offer turning points lower. First we see former swing high of wave iv), that usually acts as resistance for current wave four. Then we have Fibonacci ratios of 38.2 and 50.0, both turning point triggers. However, let’s be patient and aware, that price is also close to the invalidation level- 86.65 and if breached the count would be invalidated. That said, a breach below the 85.36 level would confirm more weakness.
AUDJPY, 4H
