AUDJPY Wave Analysis: Bullish Reversal Targets 111.00 Resistance

The AUDJPY currency pair has recently staged a notable upward reversal from a key support zone, signaling a potential shift in momentum. This support area, located around the critical 109.00 level, had previously arrested declines in wave (A) in early August and wave 1 in late September, aligning closely with the lower boundary of the daily Bollinger Band.

This bullish turn has effectively halted the sharp downward pull from the peak of the ABC correction wave 2. Backed by the robust strength of the 109.00 support level and an emerging bullish divergence on the daily Relative Strength Index (RSI), the pair is poised for further upside. The next major target is the resistance level at 111.00, which previously capped the ABC correction wave 2 earlier this month.

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