Technical analysis

AUDJPY Wave Analysis – 12 August, 2021

• AUDJPY reversed from resistance level 81.51
• Likely to fall to support level 80.65

AUDJPY currency pair recently reversed down from key resistance level 81.51 (former support from the start of July, which stopped the previous minor impulse wave (i) at the end of July), coinciding with the 38,2%Fibonacci correction of the downward impulse from the start of July.

The downward reversal from the resistance level 81.51 stopped the previous upward impulse waves 3 and (3).

AUDJPY currency pair can be expected to fall further toward the next support level 80.65 (low of the Bullish Engulfing from the start of August).

Article Rating
Rate this post