Technical analysis

AUDJPY Wave Analysis – 26 October , 2018

  • AUDJPY reversed from key support area
  • Further gains are likely

AUDJPY today reversed up from the key support area lying at the intersection of the strong support level 78.730 (which stopped the extended downtrend in September) and the lower daily Bollinger Band.

The upward reversal from this support area stopped the earlier short-term impulse wave 3 – which belongs to the longer-term impulse wave (3) from June.

Given the bullish divergence on the daily Stochastic indicator – AUDJPY is expected to rise further and re-test the next strong resistance level 80.50 (top of the previous correction (ii)).

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