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AUDJPY Wave Analysis – 24 August, 2021

• AUDJPY reversed from support zone

• Likely to rise to resistance level 80,00

AUDJPY recently reversed up from the support zone located between the support level 78.00 (former multi-month resistance from the middle of 2020) and the lower weekly Bollinger Band.

This support zone was further strengthened by the 61.8% Fibonacci correction of the upward impulse from last October.

Given the oversold weekly Stochastic, AUDJPY can be expected to rise further toward the next round resistance level 80,00.

AUDJPY Wave Analysis – 24 August, 2021

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