Categories: Technical analysis

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).

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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