AUDJPY: ⬆️ Buy
- AUDJPY reversed from support level 110.00
- Likely to rise to resistance level 112.00
AUDJPY recently reversed from the support zone between the key support level 110.00 — which has been holding price since May — and the lower daily Bollinger Band.
The upward reversal from this support zone stopped the previous medium-term ABC correction (2) from the end of August, initiating the active impulse wave (3).
Given the still oversold daily Stochastic indicator and the strong bearish yen sentiment, AUDJPY can be expected to rise further to the next resistance level at 112.00.
