AUD/JPY Is Looking For Extension Lower

Short-term Elliott wave count suggests that AUD/JPY rally to 79.12 ended wave X. Decline from there is unfolding as a double three where wave ((w)) ended at 75.95 and wave ((x)) bounce is currently in progress to correct the cycle from 9/6 (79.12) peak with potential target of 77.5 – 77.87 area before the decline resumes.

As far as pivot at 79.12 remains intact during the bounce, expect pair to resume decline to a new low or at least pullback in 3 waves. We don’t like buying the proposed bounces.

AUD/JPY Chart

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