I have taken a long position in AUD/JPY based on this EW count. Whether or not the current wave on the daily (bold, black numbers) is forming a 3 or a C is not clear, however it seems fairly apparent to me that the Australian Dollar is moving higher against the Yen. I took my long position several hours ago right on the 38.2% Fib of the recent red wave 3 up at 85.92. I announced the trade on my twitter feed where I post all my trades and ideas but I wasn't able to post this analysis any sooner. Price action on the 1 minute chart from the recent low looks corrective however, so if you are interested in getting long it isn't too late. I would suggest placing long orders at 85.50 with a stop at the wave 1 extreme at 84.65. Target is 88.30.
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