AUDJPY: ⬆️ Buy
– AUDJPY reversed from key support level 109.00
– Likely to rise to resistance level 111.20
AUDJPY currency pair recently reversed up from the support zone between the key support level 109.00 (which has been reversing the price from March, stopping wave (B) at the end of March, wave (A) at the start of August and wave i at the end of September) and the lower daily Bollinger Band.
The upward reversal from this support zone stopped the earlier sharp downward price impulse from the top of the short-term correction ii.
Given the strength of the support level 109.00 and the bullish divergence on the daily Stochastic oscillator, AUDJPY currency pair can be expected to rise further toward the next resistance level 111.20 – which stopped the previous correction ii in the middle of October.
