AUDJPY and NZDJPY Elliott wave Updates
AUDJPY has been trading bullish since March of 2020, when a low was put in place. We can see that price unfolded a five-wave reversal labelled as higher degree wave A), which can now be showing first signs of a completion at latest highs. That said, an impulsive decline on lower degree charts, followed by a decisive break below the trendline will be a confirmation that wave A) of a higher degree is finished, and a wave B) correction underway.
NZDJPY is trading like AUDJPY and has also been in a bullish reversal from March lows. We can see a five-wave advance in wave A), with price specifically ending a final leg at the 71.93 level. That said, a drop in impulsive (five legs) on the lower degree charts, followed by a break below the trendline will confirm a corrective wave B to be underway.
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