AUDJPY Wave Analysis – 18 October, 2022

• AUDJPY reversed from key support level 91.00

• Likely to rise to resistance level 94.70

AUDJPY currency pair recently reversed up with the daily hammer from the key support level 91.00 (which has been reversing the price from the middle of May) standing near the lower daily Bollinger Band, support trendline of the daily up channel from September and the 50% Fibonacci correction of the upward impulse from February.

The upward reversal from the support level 91.00 started the active medium-term impulse wave (3).

AUDJPY can be expected to rise toward the next resistance level 94.70 (top of wave B from the start of this month).