LeoPrime Daily Market Analysis

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AUDJPY broke resistance area; Likely to rise to resistance level 84.200.

AUDJPY currency pair continues to rise inside the short-term impulse wave (iii), which previously broke the resistance zone located between the key resistance level 83.000 (which stopped the previous correction (ii)), and the 61.8% Fibonacci retracement of the previous ABC correction 2 from the start of January. Given the strongly bullish Australian dollar sentiment seen across the FX markets today, coupled with the strong yen outflows – AUDJPY currency pair can be expected to rise further toward the next resistance level 84.200 (top of waves B and 1 and the target price for the completion of the active short-term impulse wave (iii)).

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