AUD/JPY is trading bearish, unfolding a beautiful impulsive pattern down from the 83.9 level which we labelled as wave 1. We can see that wave 1 unfolded five waves, which means we may now expect price to slowly recover and unfold a new temporary pullback, labelled as wave 2. Wave 2 is a correction pause within a trend and usually unfolds a simple zig-zag a-b-c correction. That being said, resistance for this unfolding correction can be near the Fibonacci ratio of 38.2/61.8.
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