Technical analysis

AUDJPY Wave Analysis – 16 June 2023


– AUDJPY broke resistance level 95.70

– Likely to rise to resistance level 98.40

AUDJPY rising strongly inside the minor impulse wave 3, which recently broke above the strong resistance level 95.70 (which stopped the two upward corrections in last October).

The breakout of the resistance level 95.70 coincided with the breakout of the wide daily up channel from the end of March.

AUDJPY can be expected to rise further toward the next resistance level 98.40, former yearly high from 2022 and the target for the completion of the active impulse wave (C).

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