Technical analysis

AUDJPY Wave Analysis – 24 August, 2021

• AUDJPY reversed from support zone

• Likely to rise to resistance level 80,00

AUDJPY recently reversed up from the support zone located between the support level 78.00 (former multi-month resistance from the middle of 2020) and the lower weekly Bollinger Band.

This support zone was further strengthened by the 61.8% Fibonacci correction of the upward impulse from last October.

Given the oversold weekly Stochastic, AUDJPY can be expected to rise further toward the next round resistance level 80,00.

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