Technical analysis

AUDJPY Wave Analysis – 19 December, 2022

AUDJPY Wave Analysis – 19 December, 2022

• AUDJPY reversed from pivotal support level 91.00

• Likely to rise to resistance level 93.00

AUDJPY under the bullish pressure after the price reversed up from the pivotal support level 91.00 (which has been reversing the price from the start of July), coinciding with the lower daily Bollinger Band and the 38.2% Fibonacci correction of the upward impulse from February.

The upward reversal from the support level 91.00 stopped the previous downward impulse wave C from the middle of November.

AUDJPY can be expected to rise further toward the next resistance level 93.00 (which stopped wave (iv) earlier this month)).

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