AUDJPY Wave Analysis – 3 October, 2022

• AUDJPY reversed from long-term support level 92.35

• Likely to rise to resistance level 94.00

AUDJPY recently reversed up from the long-term support level 92.35 (which has been reversing the pair from the middle of June), strengthened by the lower daily Bollinger Band and by the 38.2% Fibonacci correction of the upward impulse from February.

The upward reversal from the support level 92.stopped the previous short-term corrective wave (ii).

Given the clear daily uptrend, AUDJPY can be expected to rise further toward the next resistance level 94.00 (earlier resistance from the end of September).