Trade Plan (Pending): I am selling AUD/JPY at 99.12

AUD Basket - building a bearish Gartley formation. The medium-term bias is to sell into the completion of the pattern close to 11.52.
JPY Basket - building a bullish Crab formation. Scope for further losses but dips to be bought close to 6418.
Correlation studies suggest selling into gains for AUD/JPY.
AUDJPY - the intraday chart highlights the cross moving higher within the 5th wave of a bullish Elliott Wave count (5 waves). We have a confluence zone between 99.13 and 99.19.
The daily chart highlights the trend of higher highs from a wedge formation located at 99.17. Trend line support and the projected AB leg of a Butterfly formation is at 99.15.
Selling at 99.12 with a stop loss of 99.74 targeting 96.15 offers a risk-reward ratio of 4.79R.
It should also be noted that the weekly chart highlights a bearish ending wedge formation. With a measured move target of 86.06, we could be seeing a medium-term top.
I am selling AUD/JPY at 99.12
SL: 99.74
TP1: 96.15
Risk/Reward Ratio of 4.79R
#tradeplan #AUD/JPY