AUD/JPY’s rally continues today and reaches as high as 80.14 so far. Outlook will now stay bullish as long as 78.83 support holds. Current rally is part of the up trend from 59.89 and should target 61.8% projection of 59.89 to 78.46 from 73.13 at 84.60.
The break of the multi-year channel resistance, as well as the strong from rising 55 week EMA, suggests that whole down trend from 105.42 has completed with three waves down to 59.89. We’re now looking at further rally, in the medium term, to 61.8% retracement of 105.42 to 59.89 at 88.02.
