LeoPrime Daily Market Analysis

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AUDJPY reversed from support zone; Likely to rise to resistance level 86.200;

AUDJPY recently reversed up from the support zone lying at the intersection of the powerful support level 84.800 (former resistance from June) and the 50% Fibonacci correction of the previous upward impulse from the middle of September. The upward reversal from this support zone started the active short-term impulse wave 5. Given the clear daily uptrend and rising yen bearishness – AUDJPY currency pair can be expected to rise further toward the next resistance level 86.200 (top of the impulse wave 3 from the middle of September).

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