• AUDJPY broke strong resistance level 78.70
• Likely to rise to 80,00

AUDJPY currency pair continues to rise after it broke above the strong resistance level 78.70 (which stopped the previous upward waves 1 and (b) in the middle of December as can be seen from the daily AUDJPY chart below). The breakout of the resistance level 78.70 accelerated the impulse waves 3 and (3) of the medium-term impulse wave (3) from the middle of November.

Given the strength of the daily uptrend and widespread risk sentiment improvement on the start of the mass vaccination programmes against Covid-19  – AUDJPY is likely to rise further toward the next round resistance level 80,00 (target price for the completion of the active impulse wave 3).