Quick Market Update – AUDJPY Breaking Out to Upside

Aussie-Yen is breaking out to the upside. 

The Yen crosses have broken out in what is likely a 5th and final wave advance on this up leg, because the correction was a triangle correction, which tends to be 4th waves that lead to the terminal 5th wave in a trend move (up in this case). Therefore, after this final Wave 5 thrust out of the triangle, expect a larger ABC correction.

ACTION: Be long i AUDJPY, but know that a larger correction will take place after this 5th wave wave tops, and likely in far less time than uptrend waves 1 and 3 (see the daily chart below with the complete analysis).

audjpy aussie yen daily chart 12-04-2012

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