Let’s have a quick Look on the past performance of AUDJPY during Last the few months. Different studies would help us to attain confluence increasing probability of bearish prognosis AUDJPY for the upcoming 2 to 3 months on a weekly chart.
Bearish shark (Bearish W shape Harmonic) formed along skewed double Top pattern. PRZ validated a bearish ride triggered and executed in well manner. The price get into corrective wave and it seems to be an exhaust candle as it at running BAMM support level of Last W harmonic pattern formed. (Bearish A Shark). At the same time the price is in converging state at bigger scale indicating sign of Seller empowering over buyer in long run. Secondly harmonic BAMM level is acting as running support and price after down rally have correction to running support level. Now Correction seems to be mature as we can see in this chart.
If we look into these levels of 90.139 to 88.227, it seems to be a very strong resistance level. If price rejected from this zone and reverse to form a valid swing point and validating swing rejection it would touch 76.277 in the next two and half months.
Price is struggling at strong resistance zone of 90.139 and 88.227 formed bearish W shaped pattern that indicating it’s going to establish bearish trend soon.
If we have look at the price Action of AUDJPY we can see a falling wedge with valid breakout and at fast momentum attain required break out level. Second seem to be at maturity of second Bearish Elliot wave. Now warming up to start of third Elliot wave.
GANN study also prove prognosis of upcoming bearish wave.
AUD/JPY price having down ride reversed for correction from GANN 270 Degree natural level. This is a very strong area for any expected reversal. Price had taken almost 90 degree correction and now struggling at GANN angle 180 Degree. It now in retesting phase of 180 Degree level having correction of 90 Degrees.
If we look at GANN Square of 90, it’s also shows that price failed to cross its balance point of 180 Degrees. Showing that the master direction is still bearish. Go short on break down of 85.887 and support level needed to monitor are
Price GANN Natural level (Degree)
Long Term Outlook (BEARISH)