Selling Opportunity in AUD/JPY - Sold @ 91.046 Fri, Feb 10, 12.46pm. Stopped Out @ 91.998 Mon, Feb 13, 20:00pm -$241.13

This is a term trade, meaning it may takes a few weeks for this trade to pan out.

In the daily time frame, it can be seen that the pullback in AUD/JPY from the September 13, 2022 high of 98.54 is unfolding in a corrective decline. It is very likely this decline is still in progress with the 100% equality target somewhere between 81.30 to 81.63. 

The first leg of this potential 3-waves decline may had bottomed at 87.02 on December 12 after a sharp fall. Since then, AUD/JPY had staged a smaller degree 3-wave rally which failed to hit its equality target at 92.91 with a high at 92.81 on January 26. From there, we may see the imminent unfolding of the 3rd leg of this larger degree decline from 98.54. If so, further decline towards the mid-81 handle is anticipated.

TRADE IDEA

#1 Sold @ 91.046 Fri Feb 10, 12:46pm.

#2 Sell Limit @ 91.590.

Stop @ 95.800.

Target @ 81.650.