Technical analysis

AUDJPY Wave Analysis 29 January, 2021

AUDJPY Wave Analysis 29 January, 2021

• AUDJPY reversed from support level 79.50

• Likely to rise to 81.00

AUDJPY recently reversed up from the key support level 79.50 (which stopped the previous minor correction A in the middle of December).

The support level 79.50 was strengthened by the lower daily Bollinger Band and by the 38.2% Fibonacci correction of the previous upward impulse 1 from last month.

AUDJPY is expected to rise further in the active impulse wave (3) toward the next resistance level 81.00 (top of the previous impulse wave (1)).

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