AUDJPY Analysis 09 November, 2020

• AUDJPY broke resistance level 76.40

• Likely to rise to 78.40

AUDJPY today broke sharply above the pivotal resistance level 76.40 (top of wave (B) from the start of October).

The breakout of the resistance level 76.40 was preceded by the breakout of the daily down channel from the end of August – which added to the bullish pressure on AUDJPY.

AUDJPY is likely to rise further toward the next resistance level 78.40 (former multi-month high which stopped the previous extended impulse wave (5) in August).