The AUDJPY has a bull flag formation which points to the 85.81 level.

The AUDJPY broke higher above the 38% retracement and now targets the 61.8% retracement near 85.50 with a bull flag formation supporting the move higher. The retracement in November was also limited to just the 38% Fib. and shallow pullbacks such as this tend to be continuation patterns. Watch the confluence of the 50% Fib and the yearly high at 84.435 as the closest area of resistance.

AUDJPY Bull Flag

Blake Morrow