E Elliott Wave Cycles Point Higher For Currency Pairs EUR/JPY And AUD/JPY

EURJPY is in the recovery mode away from projected 128.28 support, which means that correction in wave 4 can be completed and we may see even more upside now back to highs for wave 5. However, in case if EURJPY suddenly drops, then we will probably see bigger and more complex wave 4 correction, maybe even sideways price action within a triangle pattern before a break-out to the upside for the 5th wave.

EURJPY Daily Elliott Wave Analysis

EURJPY Elliott Wave

AUDJPY made a deep pullback in the last few months from the 86.00 area, but this can be a contra-trend move if we consider that market came down with overlapping price action after previously completed five waves up. Such pullbacks are normal. What is very interesting now, is a bounce away from 78.44 support and current rise back above channel resistance line where breakout can cause more bullish price action as higher degree wave B) can be finished.

AUDJPY Daily Elliott Wave Analysis

AUDJPY

Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.

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