Possible Bounce off of 79.00 On #AUDJPY

FX:AUDJPY   Australian Dollar / Japanese Yen
The AUDJPY             seems to be forming a rising wedge over the month of Oct. 79.00 was resistance back in Sept. and again in the beginning of Oct until finally breaking through in mid oct. After breaking above the 79.00 level it was tested as support about one week later. I will be watching to see if it holds again during this possible 4th wave pullback. If 79 holds we could see the 5th wave reach as high as 81.00 where C would equal 200% of wave A.

The 200 Day MA on the daily chart has been acting as resistance for over a year now and is currently at 80.15. Any move above the 200 Day MA may be short lived.

70 on The RSI has been resistance with this current move up and I would expect that to continue as wave five completes. 40 has been good support and I will be looking at the as we approach 79 on the price chart. A break below the 40 to 30 may be telling us the move up is done.

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