AUDJPY Elliott Wave: Forecasting the Path (16 April 2024)

Hello fellow traders. In this technical blog we’re going to take a quick look at the Elliott Wave charts of AUDJPY Forex pair, published in members area of the website. As our members know we have been favoring the long side in YEN pairs. Recently we got a pull back that has made a clear 3 waves pull back that found buyers right at the equal legs area. In the further text we are going to explain the Elliott Wave forecast

AUDJPY H1 Weekend Update 04.13.2024

AUDJPY ended cycle from the 96.8676 low and now correcting it. Current view suggests wave 4 red pull back can be unfolding as Elliott Wave Zig Zag Pattern. The Equal legs area is already reached at 98.799-98.460. We are aware that pull back can complete any moment. We don’t recommend selling the pair and expect further rally to resume from the buyers zone : 98.799-98.460.

AUDJPY H1 Weekend Update 04.15.2024

AUDJPY has given us a nice reaction from the Equal Legs zone as expected. The bounce reached and exceeded 50% Fibonacci retracement against the ((b)) high, so we consider wave 4 red completed at the 98.7 low. We anticipate a break of the 3 red peak to confirm that the next leg up is in progress. Alternatively, if the price breaks below the 98.7 low, the pair will open up the possibility for a 7-swing pattern toward 97.963-97.476 area. In that case, any long positions will be stopped out at Break Even, and we will look to buy the dips again at the next set of equal legs.

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EURJPY Forecast: #Euro Continues to Search for Support Again Slowly Japanese #Yen (2 April 2024)

Euro seeks support against JPY; interest rate differential favors Europe. EUR/JPY expected to rise, with BoJ’s modest rate hike unlikely to impact long-term trend.

• The euro initially tried to rally a bid during the early hours on Monday, but then drifted a bit lower against the Japanese yen.
• That being said, I still believe that this market eventually goes higher, as we have such a huge interest rate differential between the 2 currencies.
• Granted, I don’t necessarily think that the market shoot straight up in the air, but I do think that it’s only a matter time before the buyers jump back in insert taken advantage of value.

The interest rate differential continues to favor Europe, but even then, you have to keep in mind that the ECB is likely to cut rates later this year. That being said, I still think the Japanese yen remains a bit of a punching bag for the currency markets, and therefore I’m looking for an opportunity to start buying this pair again. I need to see some type of short-term bounce to take advantage of, and then I will get long yet again.

Bank of Japan

The Bank of Japan is of course in focus, due to the fact that the Japanese have recently raised interest rates. That being said, the interest rate is still just 0.1%, so I would not read too much into it being tighter down the road. In fact, they have since walked back the idea of raising interest rates to aggressively, so I think you probably have a situation where it’s only a matter of time before traders will continue to punish the Japanese in.

Underneath, we have the 50-Day EMA coming into the picture offering a bit of support, and I think at this point in time, it continues to act as a bit of a short-term trendline. I’m simply waiting for some type of short-term bounce to take advantage of so I can get on the “right side of the V” after that bounce, then you have a place from which to place your stop loss. Ultimately, the market I think will revisit the highs, and I do not think that we have seen the swing high for the longer term at this point in time. I have no interest in shorting this market.

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