AUDJPY may have found a possible top for corrective wave 2 at the 82.566 level, and current intra-day weakness from the same level can be a suggestion for more weakness. If so, then we may see a break below the 81.24 level in the upcoming sessions and a new five-wave bearish cycle.
If more weakness is expected of the AUDJPY, then CADJPY may also follow the similar path, however, on the CADJPY chart, I see a completed five-wave decline near the 80.70 level and current minor rally can be a wave A of a bigger correction. I think a three-wave recovery can still follow on the pair, but considering that AUDJPY and CADJPY are in a positive correlation, the price may still move even lower from these levels. Well, let’s wait for more price data.
AUDJPY, 1h
CADJPY, 4H
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