In our previous analysis of AUDJPY we showed you the big picture outlook on this pair. Here you will see the latest details on an intraday basis. In Wednesday’s analysis there was a small chart, depicting that the recent decline from 102.84 to below 100.00 is impulsive. AUDJPY bottomed at 99.90. After that it recovered to 101.34 as of Friday, November 28th. Do the impulsive decline and the recovery that followed form a pattern we recognize?
The 30-minute chart suggests that they do. It shows the 5-3 wave cycle Elliott Wave analysts are so familiar with. According to the Elliott Wave Principle, we should now expect AUD JPY to move in the direction of the five-wave sequence, since it represents the larger trend. If this is the correct count, the Australian dollar is likely to weaken against the Japanese yen next week. We should not be surprised, if the support level around 100.00 gives up.
