LeoPrime Daily Market Analysis

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AUDJPY reversed up from the support zone; Likely to rise to resistance level 84.000.

AUDJPY currency pair recently reversed up from the support zone located between the key support level 82.350 (former resistance from the middle of December), lower daily Bollinger Band and the 38.2% Fibonacci correction of the previous sharp upward impulse wave (1) from the start of last month. The upward reversal from the support level 82.350 stopped the earlier minor correction (ii). Given the strength of the support zone – AUDJPY currency pair can be expected to rise further toward the next resistance level 84.000 (which stopped the previous waves B and (i), as can be seen below).

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