AUDJPY recently reversed up from the major support area lying between the key round support level 70.000 (which stopped the sharp weekly downtrend in 2019) and the lower weekly Bollinger Band. The upward reversal from this support area stopped the previous impulse waves 3 and (5). Given the strong bullish Australian dollar sentiment seen across the markets today, bullish divergence on the weekly Stochastic indicator and the strength of the aforementioned support area – AUDJPY is likely to rise further toward the next resistance level 72.000 (former support from January).