AUDJPY - EW Update
EW Analysis:
Wave 5 is approaching 1.618 fib level of Wave 4, this is a standard reversal point in the cycle, a break below this level will mean longer selloff. On a bigger wave cycle, audjpy is in a ABC pullback, Wave 5 also C Leg. If price reverses it will also match bottom of price channel. There is some good signs it will be safe to buy around 72.2- 72.3 territory with a safe stop loss. Good luck.
Wave 5 is approaching 1.618 fib level of Wave 4, this is a standard reversal point in the cycle, a break below this level will mean longer selloff. On a bigger wave cycle, audjpy is in a ABC pullback, Wave 5 also C Leg. If price reverses it will also match bottom of price channel. There is some good signs it will be safe to buy around 72.2- 72.3 territory with a safe stop loss. Good luck.
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