Monday, August 25, 2014

AUD/JPY - Headed for 97.43 and maybe even 98.14

AUD/JPY - Headed for 97.43 and maybe even 98.14

The rally from late August at 86.41 has evolved into a triple zig-zag correction and we are currently in the last part of wave z. It's not possible to have more than a triple correction under the EWP, so once wave z is over we should be looking for wave C lower.

I'm looking for 97.43 as the ideal target for wave c of z, which is where wave c will be equal in length to wave a of z, but with the 61.8% corrective target of the decline from mid-April 2013 high at 105.43 to the late August 2013 low at 86.49 just above at 98.14 it might act as a magnet and prolong wave c of z slightly, but we should not expect much more upside for this B-wave correction.

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