- AUDJPY broke down channel
- Likely to rise to 76.50
AUDJPY continues to rise after the earlier breakout of the resistance trendline of the daily down channel from August. The breakout of this down channel should accelerate the active medium-term upward impulse wave (1) – which started earlier from the key support level 73.00 – standing near the lower daily Bollinger Band, 50% Fibonacci retracement of the previous upward price move from May and the the support trendline of the daily up channel from April.
Given the clear mule-month uptrend, and the rising AUD bullishness seen today – AUDJPY is expected to rise further in the active intermediate impulse wave (1) toward the next resistance level 76.50 (top of the previous corrective wave (B) from the start of October) – the breakout of which will lead to further gains toward 78.30.