Elliott Wave View Expecting AUDJPY to Extend Lower

AUDJPY shows an incomplete Elliott Wave sequence from April 17, 2019 high, favoring more downside. The 100% target can reach as low as 75.7 – 76.3. In the chart below, the bounce to 78.94 ended wave 2. Wave 3 is currently unfolding as an Elliott Wave impulse with wave ((i)) of 3 ended at 76.77. The internal of wave ((i)) subdivided as another impulse structure of lesser degree. Wave (i) of ((i)) ended at 77.81 and wave (ii) of ((i)) ended at 78.18. Down from there, wave (iii) of ((i)) ended at 76.96, wave (iv) of ((i)) ended at 77.55, and wave (v) of ((i)) ended at 76.77.

Wave ((ii)) is in progress to correct cycle from 4/30 high as a zigzag Elliott Wave structure. Up from 76.77, wave (a) of ((ii)) ended at 77.59 and subdivided as 5 waves impulse. Wave (b) of ((ii)) ended at 77.17 and subdivided as an expanded flat. Expect wave (c) of ((ii)) to reach 78 – 78.5 before pair resumes lower again. We don’t like buying the pair and expect rally to fail at the blue box as far as pivot at 78.94 high stays intact.