FX.co ★ Elliott wave analysis of AUD/JPY for June 3, 2021

AUD/JPY continues to build a huge triangle formation and we are currently in wave C of (D) which is expected to complete near 91.07 from where a A-B-C decline in wave (E) should be expected. The decline in wave (E) is the final leg inside the triangle and once complete the triangle is complete and a new much more bullish phase will take over and bring AUD/JPY way above the 2007 peak at 107.

Short-term we could see a minor set-back in AUD/JPY towards 82.44 before the next impulsive rally higher to 91.07 to complete wave C of (D).

Trading recommendation:

Buy AUD near 82.44 if possible for the next rally higher to 91.07.