AUDJPY 12.8.2014
AUDJPY looks like is the 1st Yen pair to end the cycle from Mid-October low among Indices and Yen pairs. Today pair broke below 99.91 area so while below 101.36, pair has scope to test 98.86 – 98.31 area to end the cycle from 102.40 high. After that we would expect a bounce at least in 3 waves which could take it back to the previous (( x )) wave area if the top is in and new highs if the top is NOT in. We don’t like picking tops so we put a black arrow with dotted lines showing pair is not tradable right now. However, shorting X wave bounce in AUDJPY against the high would be a good way to participate in expected 3 wave move lower in Indices and Yen pairs. Ideally, X wave bounce in AUDJPY would be the last push higher in the current cycle in other Yen pairs and Indices.
