$AUD/JPY 4 Hour Elliott Wave Update 7.17.2015

Decline to 89.15 completed wave (W), and pair has since bounced in wave (X) from this level. Updated Elliott Wave view suggests the bounce is unfolding in a double corrective structure W-X-Y where wave W ended at 92.43, wave X ended at 91, and wave Y is in progress towards 93.08 – 95.24 area to complete wave (X).

We don’t like buying the proposed wave (X) bounce. As far as 97.26 pivot remains intact during the bounce, we expect the pair to extend another leg lower from 93.08 – 95.24 area or at least pullback in 3 waves per Elliott Wave hedging idea.

AUDJPY 24020150716152851

At EWF we offer  24 hour coverage of 42 instruments from Monday – Friday using Elliott Wave Theory as primary tools of analysis. We provide Elliott Wave chart in 4 different time frames, up to 4 times a day update in 1 hour chart, two live sessions by our expert analysts, 24 hour chat room moderated by our expert analysts, market overview, and much more! With our expert team at your side to provide you with all the timely and accurate analysis, you will never be left in the dark and you can concentrate more on the actual trading and making profits. Click for Free 14 day Trial


Subscribe to our Forex Blog

First Name: *
Last Name: *
Your Email Address: *