AUDJPY Wave Analysis – 05 August, 2020

• AUDJPY reversed from key support level 75.00

• Likely to rise to 76.70

AUDJPY recently reversed up from the key support level 75.00 (former strong resistance level, which reversed the price in the middle of June and also at the start of July – as can be seen below).

The upward reversal from the support level 75.00 continues the clear multi-month uptrend inside which the pair has been moving since March.

AUDJPY is likely to rise further toward the next resistance level 76.70 (top of the previous waves A and (2)).