Technical analysis

AUDJPY Wave Analysis – 28 December, 2022

AUDJPY Wave Analysis – 28 December, 2022

• AUDJPY broke round resistance level 90.00

• Likely to rise to resistance level 92.00

AUDJPY continues to rise inside the minor correction 4, which previously broke the round resistance level 90.00 intersecting with the 38.2% Fibonacci correction of the downward impulse from November.

The breakout of the resistance level 90.00 follows the earlier sharp upward reversal from the powerful long-term support level 87.65 (which started wave (3) in May).

AUDJPY can be expected to rise further toward the next resistance level 92.00 (target price for the completion of the active wave 4).

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