AUDJPY Technical Analysis: Resistance Breakout Opens Path to 112.60

The AUDJPY currency pair has recently broken through a key resistance zone spanning the 111.20 level—which earlier halted waves a and c of the ABC correction—the daily descending trendline from mid-September, and the 61.8% Fibonacci retracement of the September downward impulse.

This breakout has accelerated the active upward impulse that began from the low of wave b in mid-October.

Following the breach of the descending trendline, AUDJPY is expected to extend its advance toward the next resistance level at 112.60, which previously capped the upward correction in mid-September.

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