• AUDJPY reversed from support area
• Likely to reach resistance level 85.40
AUDJPY currency pair recently reversed up from the support area lying between the support level 82.00 (low of the previous minor correction 4 from the end of February) and the lower daily Bollinger Band. The upward reversal from this support area started the active intermediate upward impulse wave (5) – which is aligned with the predominant uptrend that can be seen on the daily AUDJPY charts.
Given the continuation of the bearish yen sentiment seen across the currency markets today – AUDJPY currency pair is likely to rise further toward the next key resistance level 85.40 (top of the previous impulse waves 5 and (3)).