Technical analysis

AUDJPY Wave Analysis 21 August 2023

– AUDJPY reversed from support level 93.00

– Likely to rise to resistance level 94.35

AUDJPY currency pair recently reversed up from the support level 93.00 (which has been reversing the price from the end of July), coinciding with the lower daily Bollinger Band and the 38.2% Fibonacci correction of the sharp upward impulse from March.

The upward reversal from the support level 93.00 is likely to form the daily Japanese candlesticks reversal pattern Morning Star.

Given the strong yen sales, AUDJPY currency pair can be expected to rise further toward the next resistance level 94.35.

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