AUDJPY remains above previous highs

10/02/2021

The AUDJPY cross was trading 0.20% stronger on Wednesday, and it was last seen at around the 81.00 level.

The cross seems to be well anchored above previous highs of 80.80, which looks like a bullish signal. This support has already been tested and held firmly. Therefore, the short-term outlook appears bullish as long as the price trades above 80.80.

Bulls could be targeting the current cycle highs of 81.20, and if the momentum is strong enough, we might see a bullish breakout, with the rally probably continuing toward 82.00.

Alternatively, if the support at 80.80 is taken out, we could see a decline toward 80.60, where some bids could be located. Afterward, the next support will be at 80.00.

AUDJPY tends to be highly correlated to stocks, and as long as indices continue rising, we could see the continuation of the bull market here.
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