Technical analysis

AUDJPY Wave Analysis 29 November 2023

– AUDJPY reversed from resistance level 98.40

– Likely to fall to support level 96.00

AUDJPY currency pair recently reversed down from the long-term resistance level 98.40, which stopped the sharp weekly uptrend in the middle of 2022, as can be seen below.

The resistance level 98.40 was further strengthened by the upper weekly Bollinger Band.

Given the strength of the resistance level 98.40 and the overbought weekly Stochastic, AUDJPY currency pair can be expected to fall further to the next support level 96.00.

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