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AUD/JPY Pulls Back But Cycles Remain Bullish

AUD/JPY Pulls Back But Cycles Remain Bullish

Eric Morera, Technical Strategist

Pair is showing 5 swings higher from 8/7/2013 low when dip to 90.64 (10/7/2013) was the 4th swings. Pair reversed sharply from 0.618 ext (95.67) and it remains to be seen whether pair is in 6th swing of a 7 swing structure or is completing 1st leg of a deeper 3 wave pullback.

Either way, strategy remains to buy the dips in 3, 7 or 11 swings. Ideal area to look for longs is 92.04 (equal legs) but traders should watch rising 4 hour trend line which is currently @ 92.95. Pair should bounce from this region either for new highs to 98.78 or for 94.20 - 94.75 region before seeing more weakness. Even in this scenario, traders buying would get a chance to cover stops to break-even.

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Eric Morera Elliottwave-Forecast.Com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.