Technical analysis

AUDJPY Wave Analysis – 17 June, 2021

• AUDJPY broke support area

• Likely to fall to support level 83.00

AUDJPY recently broke the support area lying between the support level 84.00 (which has been reversing the price from the start of May) and the 50% Fibonacci correction of the upward impulse from the end of March.

The breakout of this support area accelerated the active c-wave of the ABC correction 2 from last month.

AUDJPY can then be expected to fall further toward the next support level 83.00 (target for the completion of the ABC correction 2).

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