Categories: Technical analysis

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.

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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Tags: AUDJPY

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