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.
