AUDJPY Technical Analysis 5 November, 2021

• AUDJPY reversed from resistance zone
• Likely to fall to support level 83.00

AUDJPY currency pair recently reversed down from the combined resistance zone lying between the long-term resistance level 85.75 (previous multi-month high from May) and the upper daily Bollinger Band. The downward reversal from this resistance zone started the active medium-term impulse wave (C) – which belongs to the higher order primary correction 4 from the middle of October.

Given the strength of the aforementioned resistance zone, continued bullish yen sentiment across the currency markets today , AUDJPY currency pair can be expected to fall further toward the next support level 83.00 (target price for the completion of the active medium-term impulse wave (C)).

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