Technical analysis

AUDJPY Wave Analysis 7 November 2023

– AUDJPY reversed from resistance level 97.35

– Likely to fall to support level 96.00

AUDJPY currency pair recently reversed down from the major resistance level 97.35 (which has been reversing the pair from September of 2022).

The resistance level 97.35 was strengthened by the upper daily and weekly Bollinger Bands.

Given the strength of the resistance level 97.35 and the overbought daily Stochastic, AUDJPY can be expected to fall further toward the next support level 96.00.

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