AUDJPY has a higher high bullish sequence from 7.28.2023 low favoring further upside with 100% – 161.8% target towards 98.08 – 101.23. Short term, the rally from 10.3.2023 low is unfolding as a 5 waves impulse. Up from 10.3.2023 low, wave ((i)) ended at 95.825 and pullback in wave ((ii)) ended at 94.227 as the 1 hour chart. Pair then resumed higher in wave ((iii)). Up from wave ((ii)), wave (i) ended at 95.36 and dips in wave (ii) ended at 94.63. Pair then resumed higher in a nest. Up from wave (ii), wave i ended at 95.52 and wave ii ended at 94.82. Wave iii ended at 97.32, pullback in wave iv ended at 96.99, and final leg wave v ended at 97.506 which completed wave (iii).
Dips in wave (iv) ended at 97.106 and final wave (v) higher ended at 97.595 which completed wave ((iii)). Pullback in wave ((iv)) is in progress as a zigzag structure. Down from wave ((iii)), wave (a) ended at 96.39 and rally in wave (b) ended at 97.095. Wave (c) lower is in progress as a 5 waves impulse. Down from wave (b0, wave i ended at 96.515 and rally in wave ii ended at 97. Pair resumed lower in wave iii, then bounce in wave iv, before another leg lower in wave v to complete wave (c) of ((iv)). Potential support area for wave ((iv)) is 100% – 161.8% Fibonacci extension from 11.7.2023 high which comes at 95.15 – 95.89. Near term, as far as pivot at 94.21 stays intact, expect dips to find support in 3, 7, 11 swing for further upside.
