AUDJPY Wave Analysis – 23 July, 2020

• AUDJPY reversed from multi-month resistance level 76.50

• Likely to fall to 75.20

AUDJPY recently reversed down from the powerful, multi-month resistance level 76.50 (which has been reversing the price from the end of December), intersecting with the upper daily Bollinger Band.

The downward reversal from the resistance level 76.50 stopped the previous extended upward ABC correction (2) from the middle of March.

With the overbought daily Stochastic – AUDJPY is likely to correct down further toward the next support level 75.20 (former minor resistance from the start of July).