AUDJPY currency pair can be expected to rise further toward the next resistance level 111.10 (which stopped the previous correction 4 at the start of this week).
- AUDJPY reversed from multi-month support level 109.00
- Likely to rise to resistance level 111.10
AUDJPY currency pair recently reversed up from the support zone between the multi-month support level 109.00 (which has been reversing the price from April, as can be seen from the daily AUDJPY chart below), lower daily Bollinger Band and the support trendline from the start of October. The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Bullish Harami – which can complete the minor impulse wave 5 of the intermediate ABC correction (C) of the primary correction 4 from June.
Given the strength of the support level 109.00, the bullish divergence on the daily Stochastic and the partial recovery in risk sentiment seen across the FX markets today, AUDJPY currency pair can be expected to rise further toward the next resistance level 111.10 (which stopped the previous correction 4 at the start of this week).
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