AUD/JPY - Getting Close to a Turn

There is not enough evidence to confidently suggest that the pair has reversed yet. However, a break of trendline support and of 98.37 would signal that 5 waves are down from 100.02 (an extremely important level from a psychological standpoint) and that the trend has reversed. We will revisit the AUDJPY as the near term wave pattern unfolds and post updates on FXCMTR regarding the setup.