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AUDJPY rebounds from 109.00 support, targets 111.00 resistance

The pair reversed up from the 109.00 support zone and is expected to rise toward 111.00, near the resistance trendline of its daily down channel.

Reported · Written up by our desk · Major Pairs

Action Forex said the AUDJPY currency pair recently reversed upward from a support zone around 109.00, a level that previously halted price moves tied to earlier wave patterns.

According to Action Forex, the rebound also followed bullish divergence on the daily Stochastic oscillator, with the move completing a short-term wave a and starting an active corrective wave b.

The outlet added that AUDJPY can be expected to rise further toward the next resistance level at 111.00, where that resistance aligns with the trendline of the daily down channel.

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