The Big Short? Could this happen?

18 Jul 2020

Just trying to look at AUDJPY from big picture point of view and have been eyeing this for awhile. Based on my EW analysis (Note: I'm not a Pro...) it seems a 5 wave cycle as been completed and price is now in an A-B-C retracement which on be broke down into another 5 Wave pattern on smaller scale. Anyways, if this is true we should be closing in the end of the C leg, once completed we could see another long bearish cycle on this pair. Price could reverse at 80.00. It makes sense I think in a fundamental way as well, the economy is being propped up by various Fed actions and they will not last forever. I'm not an economist but I think the damage from the shutdown hasn't fully been realized yet and once it is a lot of capital may flow back into the yen. Let me know what you think!