AUDJPY Wave Analysis – 25 May, 2020

• AUDJPY reversed from support level 70,00

• Likely to rise to 72,50

AUDJPY recently reversed up from the pivotal support level 70,00 (former strong resistance level which stopped the previous waves A and (i), as can be seen below).

The upward reversal from the support level 70,00 continues the active short-term impulse wave C of the ABC correction (2) from March.

AUDJPY is likely to rise further toward the next resistance level 72,50 (target price for the completion of the active ABC correction (2)) – given that the price breaks above the nearby resistance level 71,00.