AUDJPY Wave Analysis 5 June 2024

– AUDJPY reversed from support level 103.00

– Likely to rise to resistance level 104.50

AUDJPY currency pair recently reversed up from the key support level 103.00 (which has been reversing the price from the middle of May).

The support level 103.00 was strengthened by the lower daily Bollinger Band and by the 38.2% Fibonacci correction of the upward impulse from end of April.

Given the strength of the support level 103.00 and the clear daily uptrend, AUDJPY currency pair be expected to rise further to the next resistance level 104.50, which stopped the previous waves A and (B).