AUDJPY Wave Analysis 26 January, 2021

• AUDJPY reversed from support area

• Likely to rise to 81.00

AUDJPY recently reversed up from the support area lying between the support level 79.60, lower daily Bollinger Band and the support trendline of the daily up channel from November.

The price is currently forming the daily Morning Star chart pattern – aligned with the active impulse wave (5).

Given the strongly bullish Australian dollar sentiment – AUDJPY is expected to rise further toward the next resistance level 81.00 (top of wave (3) from the start of January).