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AUDJPY Buying The Dips At The Blue Box Area

@Elliottwave_Forecast
AUDJPY Buying The Dips At The Blue Box AreaMay 29, 2022ByEWF Vlada In this technical blog we’re going to take a quick look at theElliott Wave chartsof AUDJPY, published in members area of the website. As our members know, we’ve been favoring the long side in AUDJPY due to incomplete bullish sequences the pair is showing in the weekly cycle from the March 2020 low. Consequently, we recommended members to avoid selling the pair, while keep favoring the long side. Recently AUDJPY made a pull back that has given us good trading opportunities. We expected the pair to find buyers at the extreme zone from the 04/21 peak. In the further text we are going to explain the Elliott Wave Forecast and trading strategy. AUDJPY Elliott Wave 4 Hour Chart 05.11.2022 Current view suggests AUDJPY is doing black pull back against the 78.77 low. Pull back is showing incomplete sequences at the moment. First leg of the pull back looks like 5 waves structure, which means correction is having form of Elliott Wave Zig Zag pattern. We believe (C) wave is still in progress toward 88.71-85.41 area ( Blue Box – buying zone) . We don’t recommend selling the pair against the main bullish trend. Strategy is waiting for the price to reached marked blue box zone, before entering the long side again. As the main trend is bullish we expect buyers to appear at the blue box for 3 waves bounce at least. Once bounce reaches 50 Fibs against the (B) blue high, we will make long position risk free ( put SL at BE). Invalidation for the trade would be break of marked invalidation level 85.41. As our members know, Blue Boxes are no enemy areas , giving us 85% chance to get a bounce. You can learn more about Elliott Wave Zig Zag Patterns at ourFree Elliott Wave Educational Web Page. AUDJPY Elliott Wave 4 Hour Chart 05.11.2022 AUDJPY Elliott Wave 4 Hour Chart 05.11.2022 AUDJPY made leg down as expected. The pair found buyers at the Blue Box area and we are getting good reaction from there. Pull back completed at 87.26 low. The rally from the blue box already reached 50 fibs against the (B) connector. Consequently, we booked partial profits and made trades risk free ( put SL at BE). Now we need to see break of April 21st peak in order to confirm next leg up is in progress. In short term we would like to see break above 1 red high : 91.16 which will open possibility for further extension toward 92.99-93.93 area next. Note: Some labeling have been removed in order to protect clients’ privileges. Keep in mind that market is dynamic and presented view could have changed in the mean time. You can check most recent charts in the membership area of the site. Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in theLive Trading Room AUDJPY Elliott Wave 4 Hour Chart 05.11.2022 Elliott Wave Forecast
AUDJPY Buying The Dips At The Blue Box Area

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