AUDJPY Technical Analysis 2 September, 2021

• AUDJPY broke resistance area
• Likely to rise to resistance level 81.6

AUDJPY currency pair recently broke the resistance area located between the key resistance level 80.25 (former support from the start of August) and the 38.2% Fibonacci correction of the previous downward impulse from the start of July. The breakout of this resistance area accelerated the active short-term impulse wave C of the intermediate ABC correction (2) from the middle of August.

Given the rising bullish Australian dollar sentiment as seen across the FX markets today – AUDJPY currency pair can be expected to rise further toward the next resistance level 81.6, target for the completion of wave (2) (which has been reversing the pair form July).

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