AUDJPY, Correction Near Completion
AUDJPY, 8th January 2016
As per chart. Seems to be just about to complete or has completed a five wave ending diagonal form descent, as a wave C of the larger corrective structure. The wave A completed a five wave descent back in August '13, a B wave, then a C wave with each descending wave a zigzag.
I'm sort of expecting it to drop just a wee bit more in line with the AUDUSD, with a first potential buy zone (if not completed) at approx. 81.170 or thereabouts, which would be the 0.618 equivalent to wave iii, circled, where a significant previous fib level also resides (at 81.381)
Perhaps use a MA Crossover or an indicator like Supertrend on the larger intraday or daily timeframe to confirm trend change.
As per chart. Seems to be just about to complete or has completed a five wave ending diagonal form descent, as a wave C of the larger corrective structure. The wave A completed a five wave descent back in August '13, a B wave, then a C wave with each descending wave a zigzag.
I'm sort of expecting it to drop just a wee bit more in line with the AUDUSD, with a first potential buy zone (if not completed) at approx. 81.170 or thereabouts, which would be the 0.618 equivalent to wave iii, circled, where a significant previous fib level also resides (at 81.381)
Perhaps use a MA Crossover or an indicator like Supertrend on the larger intraday or daily timeframe to confirm trend change.
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