$AUD/JPY Short Term Elliott Wave Update 7.24.2015

Decline to 89.19 completed wave (W), and pair has since bounced in wave (X) from this level. Short term Elliott Wave view suggests wave (X) bounce is unfolding in a double corrective structure W-X-Y where wave W ended at 92.43, and wave X is in progress towards 90.44 – 90.83. Once wave X is complete, the pair has a scope to turn one more leg higher in wave Y towards 92.9 –  93.88 to complete wave (X) bounce as far as 89.19 pivot stays intact. We don’t like buying the proposed wave Y bounce.

We expect the pair to extend another leg to a new low from 92.9 – 93.88 area once wave (X) bounce is complete or at least pullback in 3 waves per Elliott Wave hedging idea.

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