AUDJPY near support zone

27 October 2020

AUDJPY has declined sharply since 12th October after hitting a high of 76.52, in the past few trading sessions it has made small body candlestick formations suggesting support below current levels (74.73-74.10). Further it is also above the previous low of 73.94 which is the level from which the currency bounced from in September end, thus making this a potential double bottom. The downside looks restricted with a greater upside potential, RSI is rising corroborating the above observation. It would be prudent to say that AUDJPY could rise towards 75.00 & 75.25 while it sustains above 74.10.

Prepared by
Technical Analysis Team

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