Elliott Wave intraday analysis on AUD/JPY looking to end wave five [Video]

Short term Elliott Wave in AUD/JPY suggests rally from 6.4.2024 low is in progress as a 5 waves impulse structure.

Up from 6.4.2024 low, wave 1 ended at 104.8 and pullback in wave 2 ended at 103.57. Internal subdivision of wave 2 unfolded as a zigzag where wave ) ended at 103.6, wave ) ended at 104.27, and wave ) lower ended at 103.56. This completed wave 2 in higher degree and the pair has turned higher in wave 3. Up from wave 2, wave ) ended at 104.38 and pullback in wave ) ended at 104. Pair has extended higher in wave ). Up from wave ), wave ended at 104.78 and dips in wave ended at 104.38.

96 and pullback in wave ended at 105.45. Final leg wave ended at 106.33 which completed wave ). Pullback in wave ) ended at 105.56. Pair has extended higher in wave ) with internal as another impulse in lesser degree. Up from wave ), wave ended at 106.39 and dips in wave ended at 105.90. Wave higher ended at 106.96. Expect pullback in wave before it resumes higher. Near term, as far as pivot at 103.56 low stays intact, expect dips to find support in 3, 7, or 11 swing for further upside.

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