Technical analysis

AUDJPY Wave Analysis 10 December, 2020

AUDJPY Wave Analysis 10 December, 2020

• AUDJPY approached key resistance level 78.55

• Likely to rise to 80.00

AUDJPY has been rising sharply in the last few trading sessions inside the minor impulse wave 3 which belongs to the longer-term impulse wave (3) from November. 

The price is currently approaching the key resistance level 78.55 (which stopped the sharp uptrend in August). 

If the pair breaks above the resistance level 78.55 – AUDJPY  can then rise further toward the next resistance level 80.00 (forecast price for the completion of the active impulse wave (3)). Alternatively the pair is likely correct down to 77.10.

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