• AUDJPY reversed from support area
• Likely to rise to resistance level 82.80
AUDJPY currency pair recently reversed up with the daily Japanese candlesticks reversal pattern Morning Star from the support area lying between the round support level 80.00 (which reversed the price multiple times in January), lower Bollinger Band, support trendline of the daily down channel rom the start of July and the 50% Fibonacci correction of the upward impulse form last October. The upward reversal from this support area started the active correction (iv).
Given the strong yen outflows and the clear uptrend – AUDJPY currency pair can be expected to rise further toward the next resistance level 82.80 (top of the previous short-term corrective wave (ii) from the start of July).