• AUDJPY reversed from support area
• Likely to rise to resistance level 80,00
AUDJPY currency pair recently reversed up from the support area located between the key support level 78,00 (former multi-month resistance level from August of 2020), lower daily Bollinger Band and the 61,8% Fibonacci correction of the upward price impulse from the end of October. The upward reversal from this support area started the active short-term wave 2.
Given the strength of the aforementioned support area, prevailing uptrend and the rising Australian dollar sentiment seen across the FX markets today, AUDJPY currency pair can be expected to rise further toward the next round resistance level 80,00 (target for completion of the active minor correction 2).