audjpy-h4-20161011
AUDJPY H4, Falling From Top of Major Range
audjpy-m15-20161011
AUDJPY M15, Retracement in Progress From FR61.8%

AUDJPY has reached the top of a major range and has begun to fall amid a butterfly pattern which was formed within the major resistance zone at 78.78.

The price was then supported as it reaches FR61.8% of the previous swing low to swing high (refer to AUDJPY M15).

The price has also completed one minor retracement, now awaiting for the 2nd minor retracement to form to complete Seven Wave Theory to look for a selling opportunity.

The two key prices to take profit are the two support zones as seen in AUDJPY H4 chart.

Also, take note of FR127.2% at the price of 77.70 as it marks the completion of the Butterfly Effect.