Short Term View in AUDJPY shows a bearish sequence from April 20, 2022 high favoring further downside. The decline from April 20 is unfolding as a zigzag Elliott Wave structure. Down from April 20, wave (A) ended at 90.41 and rally in wave (B) ended at 94.02. Internal of wave (B) unfolded as a double three Elliott Wave structure. Up from wave (A), wave W ended at 93.52 and pullback in wave X ended at 91.45. Pair then extended higher in wave Y towards 94.01 which completed wave (B).
Pair has resumed lower in wave (C). Internal of wave (C) is unfolding as a 5 waves impulse Elliott Wave structure. Down from wave (B), wave 1 ended at 89.72 and rally in wave 2 ended at 91.76. Near term, as far as rally fails below 91.76, and more importantly below 94.01, expect pair to extend lower. Potential target lower is 100% – 123.6% fibonacci extension from April 20 high at 85.35 -88.7.
