AUD/JPY’s rally from 59.89 resumes today as hits as high as 71.38 so far. The development now suggests that 59.89 is a medium term bottom. Rebound from there is at least corrective whole down trend from 90.29, with possibility of corrective that from 105.42, or even a trend reversal.
Near term outlook will now stay bullish as long as 69.93 support holds. Next target will be 55 week EMA (now at 73.43) , which is close to 55 week EMA (now at 72.79). Sustained break there would at least pave the way to 76.54 resistance, which is close to 38.2% retracement of 105.42 to 59.89 at 77.28. While the current rebound is stronger than originally expected, rejection by the trend line and 55 week EMA will retain medium term bearishness for another low.
