AUD/JPY rises further today, following the strong close in US stocks overnight, as well as rally in treasury yields. It’s now pressing 85.78 high and decisive break there will resume whole up trend from 59.85 (2020 low). Such development would align the outlook with CAD/JPY and NSD/JPY, which complete the upside breakout last week already.
The up trend would then extend to 61.8% projection of 59.85 to 85.78 from 77.88 at 93.90 in the medium term. This bullish case will now be favored as long as 84.25 minor support holds.
