AUDJPY recently reversed up from the key support level 74.900 (which served as the strong resistance in the middle of June and also at the start of July, as can be seen below). The upward reversal from the support level 74.900 started the active correction (ii). Given the powerful bullish Australian dollar sentiment seen across the FX markets today (this in parallel to the strong yen pessimism) – AUDJPY is likely to extend the gains toward the next resistance level 76.700 (target price for the completion of the active short-term correction (ii)).