Technical analysis

AUDJPY Wave Analysis 6 October 2023

– AUDJPY reversed from support level 93.00

– Likely to rise to resistance level 96.00

AUDJPY currency pair recently reversed up from the key support level 93.00 (former monthly high from February) coinciding with the 38.2% Fibonacci correction of the upward impulse from March.

The upward reversal from the support level 93.00 started the active short-term impulse wave 3.

Given the strengthening yen sales, AUDJPY currency pair can be expected to rise further toward the next resistance level 96.00 (which reversed the pair last month).

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