$AUD/JPY Short Term Elliott Wave Analysis 7.14.2015

Decline to 89.15 completed wave (W). Pair has since bounced in wave (X) from this level, and the bounce is unfolding in a double corrective structure W-X-Y where wave W ended at 91.79, wave X ended at 90.46, and wave Y is in progress towards 93.12 – 93.75 area to complete wave (X).

The internal of wave Y is further subdivided in a double corrective structure ((w))-((x))-((y)) where wave ((w)) is expected to complete at 92.1 – 92.5, then it should pullback in wave ((x)) before resuming higher towards 93.12 – 93.75 to complete wave (X). We don’t like buying the proposed wave (X) bounce. Expect the pair to turn lower from 93.12 – 93.75 area in 3 waves at minimum per Elliott Wave hedging idea, with a chance to extend the move to below 89.14.

AUDJPY 6020150713210357

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