• AUDJPY reversed from support level 79.50
• Likely to rise to 81.00
AUDJPY recently reversed up from the key support level 79.50 (which stopped the previous minor correction A in the middle of December).
The support level 79.50 was strengthened by the lower daily Bollinger Band and by the 38.2% Fibonacci correction of the previous upward impulse 1 from last month.
AUDJPY is expected to rise further in the active impulse wave (3) toward the next resistance level 81.00 (top of the previous impulse wave (1)).
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