AUD/JPY follows other Yen crosses and accelerates higher today. The decisive break of 82.01 resistance firstly confirms resumption of rebound from 77.88. More importantly, it also affirms that correction from 85.78 has completed. Immediate focus is now on 100% projection of 77.88 to 82.01 from 78.82 at 82.95. Strong break there would indicate further upside acceleration and raise the chance that it’s indeed resuming larger up trend from 59.85. Further rise would be seen to 161.8% projection at 85.50, which is close to 85.78 high.
Also, note that AUD/JPY is being support by 55 month EMA, which is a long term bullish sign. That affirms the case that down trend from 105.42 (2013 high) has completed with three waves down to 59.85, on bullish convergence condition in monthly MACD. That is, on resumption, rise from 59.85 should power through 90.29 structural resistance, towards 105.42/107.88 resistance zone in the medium to long term. But of course, let’s see how it goes with 85.78 first.
