On the back of risk-on sentiment, AUD/JPY rally resumed the rally from 87.28 today, and hit as high as 91.67 so far. The development affirms the case that correction from 95.73 has completed with three waves down to 87.28. Further rally should be seen as long as 89.63 support holds. Next target is 94.00 resistance.
Also, while the pull back from 95.73 was deep, it was held above 85.78 resistance turned support, as well as 55 week EMA. Medium term bullishness is maintained. Firm break of 94.00 will argue that whole up trend from 59.85 (2020 low) is ready to resume through 95.73. In that case, next medium term target will be 100% projection of 59.85 to 85.78 from 78.77 at 104.70.
