- 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.
