AUDJPY BEFORE THE BELL

AudJpy contracting triangle before the bell, After the RBA surprise decision not to cut the cash rate 25 basis points last night the market imminently reversed. The inherent market structure suggests a w x y correction in which wave w is a 5-3-5 zig-zag and wave y is a contracting triangle which would confirm to the rules of alteration under Elliott wave. The fibs also are numerically in range. Stop is currently a 93.95 any trading above that level would null in void a impulse leading diagonal count from the previous swing low. The risk adjusted return is far above the median 3.1 avg as downside targets are into the 93.00-92.50 area with our risk at 28 pips.
^S 93.95
^RAR 3.1-5.1