Technical analysis

AUDJPY Wave Analysis – 20 June 2023

– AUDJPY reversed from resistance level 97.50

– Likely to fall to support level 95.00

AUDJPY currency pair recently reversed down from the resistance level 97.50, which stopped the weekly uptrend in the middle of last year.

The downward reversal from the resistance level 97.50 stopped the previous weekly upward impulse sequence from March .

Given the strength of the resistance level 97.50 and the overbought weekly Stochastic, AUDJPY can be expected to correct down further to the next string support level 95.00.

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