AUDJPY looking bullish in continuation pattern


As sentiment improved notably after news that Trump might be discharged from the hospital as soon as today, equities rallied, which pushed the AUDJPY cross higher as well.

Stock indices erased their Friday's losses, and the AUDJPY cross was seen 0.7% higher on Monday, trading at around 76.00.

As long as the Aussie remains above previous lows near 75.60, the medium and short-term outlooks seem bullish. As previously discussed, the sentiment is again positive, which should support the commodity-linked currencies and undermine the yen. 

However, if the price declines below 75.60, we could see a quick decline toward 75.00, and in this case, the short-term trend would most likely change to bearish.

Alternatively, if the cross rises above the 76 resistance, where October's highs are located, it might be a strong bullish signal. The next leg higher could target 76.50 or possibly the 77 threshold. 
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