AUDJPY Wave Analysis – 04 March, 2020

• AUDJPY reversed from strong support zone
• Likely to rise to 72.00

AUDJPY recently reversed up from the strong support zone lying between the long-term support level 69.90 (which stopped the sharp downtrend in August), lower daily Bollinger Band and the support trendline of the daily down channel from December.

The upward reversal from this support area started the active short-term corrective wave (ii) – which belongs to wave (C) from December.

AUDJPY is likely to rise further toward the next pivotal resistance level 72.00 (former monthly low from October).