AUDJPY recently reversed up from the key support level 76.550 (former multi-month resistance from June, July and August). The upward reversal from the support level 76.550 created the daily candlesticks reversal pattern Bullish Engulfing – which started the active impulse wave (iii). Given the strong daily uptrend and the rising Australian dollar optimism seen across the FX markets today – AUDJPY is likely to rise further toward the next resistance level 78.400 (top of the previous short-term impulse wave (i) from last month).
