• AUDJPY reversed from support level 83.00
• Likely to rise to resistance level 84.7
AUDJPY currency pair recently reversed up from the recently broke the key support level 83.00 (low of the previous minor correction (a) from the middle of April) – strengthened by the lower daily Bollinger Band. The upward reversal from the support level 83.00 started the active minor impulse waves 3 of the intermediate impulse sequence (5) from the end of March.
Given the prevailing uptrend and the moderately bullish Australian dollar sentiment seen across the FX markets today AUDJPY currency can be expected to rise further toward the next resistance level 84.7 (top of the p[previous wave (b) from last week).
