- AUDJPY approached key resistance level 78.45
- Likely to rise to 80.00
AUDJPY currency pair continues to rise inside the sharp short-term impulse wave – which belongs to the medium-term upward impulse sequence (3) from the middle of November. The pair is currently approaching the powerful multi-month resistance level 78.45 (which stopped the previous extended upward impulse wave (5) in August as can be seen from the daily AUDJPY chart below).
Given the clear uptrend and the strengthening Australian dollar optimism (which is mirrored by the similar Yen bearish sentiment) on the improvement in risk appetite – AUDJPY can be expected to rise further toward the next round resistance level 80.00 (target price for the completion of the active impulse wave (3)).