AUDJPY is in a bullish wedge
Technically, the AUDJPY has a lot of support. Once again we are approaching highs from June and July, which also match the highs from December 2019. Roughly, 76.75 is the horizontal resistance to watch. The support is a trend line from back in April that comes in near this weeks lows at the 75.20 level. Consistent highs and higher lows make up a bullish wedge. My biggest issues with the AUDJPY is that stocks are very elevated, and the AUDJPY and equities have a fairly strong correlation. In addition, the AUD DSI (daily sentiment index) reads 90 which is extreme. That makes me nervous being too bullish.
