Technical analysis

AUDJPY Wave Analysis – 19 September, 2019

AUDJPY Wave Analysis – 19 September, 2019
  • AUDJPY reversed from resistance zone
  • Likely to correct down to 73.00

AUDJPY recently reversed down from the resistance area lying between the resistance level 74.50 (former support from June), upper daily Bollinger Band, 100-day moving average and the 38.2% Fibonacci correction of the previous downward impulse from April.

This downward reversal started the active short-term corrective wave (b)  – which belongs to the ABC correction (ii) from last month.

AUDJPY is expected to fall further and retest the next strong support level 73.00 (top of the previous corrective wave (iv) from August).

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