- AUDJPY reversed from support area
- Further gains are likely
AUDJPY recently reversed up from the support area lying between the round support level 70.00 (former multi-month low from January), support trendline of the daily down channel from April and the lower daily Bollinger Band.
The upward reversal from this support area started the active corrective wave (ii).
AUDJPY is expected to rise further and retest the next resistance level 72.90 (top of the previous minor correction (ii) from August).