LeoPrime Daily Market Analysis

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AUDJPY under bearish pressure; Likely to fall to support level 84.000;

AUDJPY currency pair under the bearish pressure after the price reversed down from the multi-month resistance level 85.850 (which has been reversing the price from the start of May). The downward reversal from this resistance level started the active short-term impulse wave (c), which belong to the ABC correction 4 from the middle of October. Given the strength of the resistance level 85.850 and strengthening yen bullishness seen today – AUDJPY currency pair can be expected to fall further toward the next support level 84.000.

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