Australian Dollar / Japanese Yen (AUDJPY) Day Chart
AUDJPY Elliott Wave Technical Analysis
FUNCTION: Counter Trend
MODE: Impulsive
STRUCTURE: Navy Blue Wave X
POSITION: Gray Wave X
DIRECTION NEXT LOWER DEGREES: Navy Blue Wave Y
DETAILS: Navy Blue Wave W is likely complete; Navy Blue Wave X is currently developing.
The daily Elliott Wave forecast for AUDJPY shows a counter-trend move within an impulsive wave structure, suggesting a temporary reversal in the prevailing trend. This move is currently part of Navy Blue Wave X, nested within a broader Gray Wave X correction. Such positioning indicates that the AUDJPY pair is in a complex corrective phase.
Navy Blue Wave W appears to have finalized, giving way to Navy Blue Wave X. This active wave may evolve into a combination or zigzag correction, aligning with a broader corrective outlook. The next significant development is expected to be Navy Blue Wave Y, following the completion of the current wave.
This technical analysis for AUDJPY implies continued counter-trend movement. With Navy Blue Wave X ongoing, short-term momentum remains strong. However, it's important for traders to remember that this setup is part of a larger corrective structure, not a trend reversal.
Australian Dollar / Japanese Yen (AUDJPY) 4-Hour Chart
AUDJPY Elliott Wave Technical Analysis
FUNCTION: Counter Trend
MODE: Impulsive
STRUCTURE: Orange Wave Y
POSITION: Navy Blue Wave X
DIRECTION NEXT HIGHER DEGREES: Orange Wave Y (Initiated)
DETAILS: Orange Wave X seems complete; now Orange Wave Y under Navy Blue Wave X is underway.
The 4-hour chart Elliott Wave analysis for AUDJPY continues to show a counter-trend structure. The price action is impulsive, indicating robust movement against the higher-degree trend. This is characterized by Orange Wave Y, which forms a component of the ongoing Navy Blue Wave X correction.
Completion of Orange Wave X marks the beginning of Orange Wave Y, which is likely to unfold as a zigzag or corrective pattern. This wave is essential to watch as it shapes the near-term outlook within the broader corrective context.
According to this short-term Elliott Wave outlook for AUDJPY, the pair is expected to sustain counter-trend behavior. Although momentum is currently strong, this move fits into the corrective narrative, not signaling any long-term bullish or bearish shift.
Technical Analyst: Malik Awais
Source: Visit Tradinglounge.com and learn from the Experts. Join TradingLounge Here
Previous: GBPUSD Elliott Wave Technical Analysis
VALUE Offer - $1 for 2 Weeks then $29 a month!Click here
Access 7 Analysts Over 200 Markets Covered. Chat Room With Support
