AUDJPY Wave Analysis 8 May 2024

– AUDJPY reversed from support area

– Likely to rise to resistance level 103.00

AUDJPY currency pair recently reversed up from the support area lying between the round support level 100.45 (former strong resistance from April), 20-day moving average and the 50% Fibonacci correction of the upward impulse from February.

The upward reversal from the support level 100.45 stopped the previous short-term retracement 4.

Given the predominant daily uptrend and strong yen sales, AUDJPY currency pair can be expected to rise further to the next resistance level 103.00.