AUDJPY Wave Analysis (04.12)

• AUDJPY reversed from resistance area
• Further losses are likely

AUDJPY recently reversed down from the resistance area lying between the key resistance level 83.8 (lower boundary of the resistance area which has been reversing the price from March) and the upper weekly Bollinger Band.

The downward reversal form this resistance area stopped the earlier short–term impulse wave 3 – which belongs to the medium impulse wave (C) from last month.

AUDJPY is expected to fall further and re-test the next key support level 82.80 (former resistance which reversed the previous waves (A) and B).