Elliott Wave Analysis On AUDUSD And USDJPY
AUDUSD
AUDUSD made five waves down from 0.7836 which is the most important and strong evidence of a bearish trend. But for now bearish impulsive trend is not ready to continue yet as recent decline from 0.7500 to 0.7282 area has unfolded in three legs. We know that three legs represent corrective move, so we labeled it as another wave B) within complex upward correction in wave 2-cricled that can stop at 0.7550-0.7600 area this week.
AUDUSD, 4H
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USDJPY
As expected, USDJPY hit new lows recently withing red wave 5) that has an extended leg down from a fourth wave 4) triangle, so we think that pair can be making a final wave of a decline that may look for a base then at 102-103 area, after five subwaves down will complete red wave 5). However, in either case we will have to wait on an impulsive bounce from the low and back above 105.68 level to confirm a low in place. So until then, trend remains bearish, thus any longs should be on hold!
USDJPY, 4H
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