Technical analysis

AUDJPY Wave Analysis 22 May 2024

– AUDJPY reversed from resistance level 104.50

– Likely to fall to support level 103.00

AUDJPY currency pair recently reversed down from the key resistance level 104.50, which stopped the previous sharp upward impulse wave 3.

The price formed two consecutive Japanese candlesticks reversal patterns Doji – signalling the strength of this resistance level.

Given the strength of the resistance level 104.50 and the overbought daily Stochastic, AUDJPY currency pair can be expected to fall further to the next support level 103.00.

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