AUDJPY recently reversed down from the resistance area lying between the long-term resistance level 76.40 (former multi-month high from December) and the upper daily Bollinger Band. The downward reversal from this resistance area started the active short-term correction (iv). Given the strong bearish Australian dollar sentiment – combined with extreme yen bullishness seen today, AUDJPY is likely to extend the losses toward the next support level 73.00. Strong resistance stays at the resistance level 76.40.
