Hello traders and investors. I am Radi Valov, a professional trader, and today I would like tо share an update on my forex analysis of AUD/USD and USD/JPY.
The Forex market as a whole has been relatively predictable in recent weeks with no surprises from my previous analyses. Anyone who wants to see my previous forex analysis of these two currency pairs with larger and older time frames can see them below:
11.03.2022: Elliott waves forex trading idea for USD/JPY medium-term upward cycle
07.03.2022: Elliott waves forex trading idea for AUD/USD
15.02.2022: Elliott waves forex trading idea for EUR/USD GBP/USD and AUD/USD
09.02.2022: Elliott waves forex signal for USD/JPY
Today I will start with the Australian Dollar vs United States Dollar.
AUD/USD Weekly Chart
After the upward movement of the last two weeks of the weekly forex chart, we have confirmation that the downward wave (B) or (X) has ended and a new upward cycle is developing. I expect in the medium term to move up the price channel and reach the top of the channel in the first half of next year.
AUD/USD Daily Chart
On the daily chart, after my last forex analysis, a bottom is formed for a gap X wave, after which we have a new completed triple in the upward direction (denoted as wave (w) on the chart). Since the beginning of the week, we are in a corrective downward movement for wave (x), which at this stage may not be over yet. My expectations are that after the completion of this side correction, the upward movement may continue with a potential 1st target zone around 0.7750.
Let's move on to USD/JPY, United States Dollar vs Japanese Yen.
USD/JPY Weekly Chart
After my last analysis, this currency pair made 1000pips, a very serious upward acceleration without any adjustments.
USD/JPY Daily Chart
My last forex analysis was at the bottom of wave 4, and the targets I set then for the development of wave 5 or according to alternative scenario 3 have been reached. The best movement in this currency pair at this stage is over.
According to my preferential forex analysis with red on the forex trading chart, the structure allows the whole wave after the bottom in the area of 102.50 to be completed (marked with (A) on the graph). This means that in the coming months will develop a lateral downward movement for wave (B).
My alternate scenario assumes that wave iii of 3 is now complete. This means that a correction for wave iv will develop in the coming weeks, which will probably find support in the area around 121, after which we will see a new peak in the area around 126. Then there will be a new side correction, which will probably find support in the zone around 122-121 and will be followed by a final peak in the zone around 126+.
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