AUDJPY Wave Analysis – 11 October , 2018

• AUDJPY reversed from support area
• Further gains are likely

AUDJPY continues to rise after the earlier upward reversal from the support area lying between the key support level 79.00 (which stopped the previous short-term impulse wave 1 at the start of September) and the lower daily Bollinger Band.

The upward reversal from this support area stopped the earlier short-term impulse wave (iii) belongs to the medium-term impulse wave (3) from June.

Given the oversold value of the daily Stochastic indicator, AUDJPY is expected to rise further and re-test the next resistance level 80.50.