Short Term Elliott Wave view in AUDJPY suggests cycle from 6/8/2022 peak looks incomplete and can see further downside. Decline from 6/8/2022 peak is unfolding as a double three Elliott Wave structure. Down from there, wave W ended at 91.4 and rally in wave X ended at 95.75. Pair has broken below wave W at 91.4, confirming that wave Y lower has started. Down from wave X, wave (i) ended at 93.85 and wave (ii) rally ended at 95.69.
Pair then resumes lower in wave (iii) towards 92.26 and wave (iv) rally ended at 93.31. Final leg lower wave (v) should complete soon and this will end wave ((a)) in larger degree. Afterwards, pair should rally to correct cycle from 7/20/2022 high within wave ((b)) in larger degree before the decline resumes in wave ((c)) of Y. Near term, as far as pivot at 95.77 high stays intact, expect rally to fail in 3, 7, or 11 swing for further downside. Potential target lower is 100% – 161.8% Fibonacci extension from 6/8/2022 peak which comes at 87 – 90.3. From this area, pair could then rally in 3 swing at least to correct the entire decline from 6/8/2022 peak.
