AUDJPY Technical Analysis Report 20 February, 2024

Dmitry Chernovolov Market Analyst

AUDJPY broke above key resistance 97.60 and is likely to rise to 98.65 due to uptrend and weak yen.

– AUDJPY broke key resistance level 97.60

– Likely to rise to resistance level  98.65

AUDJPY currency pair recently broke above the key resistance level 97.60 (which has been repeatedly reversing the price from the middle of December). The breakout of the resistance level 97.60 accelerated the active impulse wave iii of the higher impulse wave 3, which belongs to the extended intermediate impulse sequence (C) from the end of last year.

Given the persistent daily uptrend, and the continuation of the widespread yen sales across the FX markets,  AUDJPY currency pair can be expected to rise further toward the next multi-month resistance level 98.65 (which stopped the previous wave (A)).

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