Forex Analysis

AUDJPY Technical Analysis 02 November, 2021

• AUDJPY reversed from major resistance level 85.75
• Likely to fall to support level 84.00

AUDJPY currency pair continues to fall after the price failed to keep the ground above the major resistance level 85.75 – which has been reversing the price from the start of May. The downward reversal from this resistance level stopped the earlier medium-term wave (B) – which belongs to the higher order downward ABC correction from last month.

Given the strength of the resistance level 85.75, AUDJPY currency pair can be expected to fall further in the active medium-term impulse wave (C) toward the next support level 84.00 (former monthly high from July).

Was this post helpful?