AUDJPY manages to break above the previous daily high on October 21, 2021 at 86.26. This suggests that pair may have started a new bullish cycle. Short Term Elliott Wave View in the pair suggests the rally from January 29, 2022 low is unfolding as a 5 waves impulse. Up from January 29 low, wave 1 ended at 85.89 and pullback in wave 2 ended at 84.54. Pair then extended higher in wave 3 towards 88.5 with internal subdivision a 5 waves in lesser degree. Up from wave 2, wave ((i)) ended at 85.36 and wave ((ii)) ended at 84.9. Pair continued higher in wave ((iii)) towards 88.059, and wave ((iv)) ended at 87.57. Final leg wave ((v)) ended at 88.5 which also completed wave 3. Pullback in wave 4 ended at 87.81.
Wave 5 is currently in progress higher. Near term, as far as wave 2 pivot at 84.57 stays intact, pair should see further upside in 5 waves before ending wave 5. This should then end cycle from January 29, 2022 low and pair should see larger pullback to correct that cycle in the sequence of 3, 7, or 11 swing before the next leg higher again.
