AUDJPY Wave Analysis – 06 March, 2019

• AUDJPY reversed from resistance area
• Further losses are likely

AUDJPY recently reversed down sharply from the resistance area lying between the key resistance level 79.70 (which has been reversing the price from February), upper daily Bollinger Band and the 61.8% Fibonacci correction of the earlier downward impulse from November.

The downward reversal from this resistance area started the active medium-term impulse wave (3) from the end of February.

AUDJPY is expected to fall further and re-test the next support level 78.00 (low of the earlier wave B).