Technical analysis

AUDJPY Wave Analysis 7 August 2023

– AUDJPY reversed from pivotal support level 93.00

– Likely to test resistance level 95.00

AUDJPY currency pair recently reversed up from the pivotal support level 93.00, former strong resistance from December and February, which also reversed the pair sharply in July.

The upward reversal from the support level 93.00 is likely to form the daily Japanese candlesticks reversal pattern Morning Star.

Given the strongly bearish yen sentiment, AUDJPY can be expected to rise further toward the next resistance level 95.00.

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