AUDJPY Wave Analysis 13 March 2024

– AUDJPY reversed from key support level 97.20

– Likely to rise to resistance level 98.50

AUDJPY currency pair recently reversed up from the key support level 97.20 (which stopped the previous minor corrections iv and a, as can be seen below) coinciding with the lower daily Bollinger Band.

The support level 97.20 was strengthened by the 50% Fibonacci correction of the upward impulse 1 from the start of February and by the support trendline from December.

Given the clear daily uptrend and the bearish yen sentiment, AUDJPY currency pair can be expected to rise further toward the next resistance level 98.50.