While the big picture outlook in AUDJPY remains clearly to the south, the smaller time frames may offer some short-term bullish swings. Elliott Wave patterns could be found on all degrees of trends, which gives us the opportunity to examine the 15-minute chart, in order to see if we could recognize something.

It looks like the recent consolidation between 80.90 and 83.40 could be counted as a five-wave impulse to the upside for wave (A), followed by an expanding flat correction for wave (B) down. If this is the correct count, the 5-3 wave cycle points to the upside. According to the Elliott Wave Principle, we should now expect a significant recovery in wave (C) to the north, which is supposed to take AUDJPY above 83.40.

AUD AUDJPY australian dollar CURRENCIES ELLIOTT WAVE PRINCIPLE ELLIOTT WAVE THEORY FOREIGN EXCHANGE FOREX RATES FOREX TRADING FOREX TRADING STRATEGIES INTRADAY TIPS INTRADAY TRADING INTRADAY TRADING TIPS JAPANESE YEN JPY MARKET TECHNICAL ANALYSIS TRADING yen