AUD/JPY reversed from support area

AUD/JPY reversed from support area

2019-11-11 • Updated

  • AUD/JPY reversed from support area
  • Next buy target - 88.00

AUD/JPY has been rising in the last few trading sessions – following the earlier upward reversal from support area lying between the strong support level 85.70 (which reversed earlier waves 4 and (ii), as can be seen from the daily AUD/JPY chart below), lower daily Bollinger Band and the 50% Fibonacci correction of the previous upward price impulse from the start of June. AUD/JPY is expected to rise to next buy target at the next resistance level 88.00 (target price for the completion of wave (2)).

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AUD/USD has been trying to break higher for an extended period but without any chance. From April until today, all rallies’ attempts have faded as shown on the daily chart.

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