Elliott Wave Analysis: AUDJPY And NZDJPY Going Bullish Berserk!

Intermediate

Hello traders!

AUDJPY is recovering, now unraveling sub-wave iii) as part of a higher degree impulse (iii). Wave three is the strongest and sharpest wave, so be aware of more upside, while price keeps trading above the 74.65 invalidation level. That said, now we see sub-wave iv unfolding, so a temporary setback may be in the cards first, before a new bullish continuation towards 75.91 area.

NZDJPY is trading similar as AUJDPY, now unfolding sub-wave iii) as part of a higher degree impulsive leg. We are tracking a five-wave movement from the 70.95 level, so be aware of more upside once minor wave iv fully develops. Possible resistance for sub-wave v of iii) can be near the 72.30 region.

AUDJPY, 1h

AUDJPY 1h chart 2019-06-25

NZDJPY, 1h

NZDJPY 1h chart 2019-06-25

@ewforecast

Elliot Wave Technical Analyst

Gregor Horvat is based in Slovenia and has been in the Forex market since 2003. He has been working for Capital Forex Group and TheLFB.com.

He is the owner of www.ew-forecast.com, which prov...continued

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