The AUD/JPY pair looks to have completed an impulse to the downside and has retraced sharply. Expect the 61.8% Fib level to provide some resistance. I am currently short this pair in expectation of some follow through after Friday's sharp decline. It is however possible that the impulse I have labeled as the red 1 is actually a C wave of a correction, and there is further upside to come in this pair. If price breaches 86.70 my bias will change from bearish to neutral until the picture clears up.
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