AUDJPY Wave Analysis – 03 January, 2020

• AUDJPY reversed from key resistance level 76.20
• Likely to fall to 74.60

AUDJPY recently reversed down from the key resistance level 76.20 (which has been reversing the price from the middle of May) – intersecting with the resistance trendline of the daily up channel from October.

The resistance level 76.20 was further strengthened by the upper daily Bollinger Band and by the 61,8% Fibonacci correction of the previous sharp downward impulse from April.

AUDJPY is likely to fall further toward the next support level 74.60 (former resistance from the start of December).