Technical analysis

AUDJPY Wave Analysis – 30 June 2023


– AUDJPY reversed from support level 95.40

– Likely to rise to resistance level 97.65

AUDJPY currency pair recently reversed up from the key support level 95.40 (former strong resistance from last October) intersecting with the 20-day moving average.

The upward reversal from the support level 95.40 stopped the previous ABC correction (4) with the daily Piercing Line.

Given the clear daily uptrend, AUDJPY can be expected to rise further toward the next resistance level 97.65 (top of the pervious impulse wave (3)).

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