AUDJPY Wave Analysis – 23 November , 2018

• AUDJPY reversed from key resistance area
• Further losses are likely

AUDJPY recently reversed down twice from the combined resistance area lying between the key resistance level 82.40 (monthly high from September and October), 200-day moving average and the upper daily Bollinger Band.

The latest reversal from the aforementioned resistance area created the daily Japanese candlesticks reversal pattern Evening Star.

AUDJPY is expected to fall further and re-test the next key support level 81.20 (low of the previous short-term impulse wave (i)).