AUD/JPY momentarily touched below the April low to 94.81 today.
The soft Australian CPI report was the major market mover today and threatens to cap the pair and spark a retracement back to the Feb-March uptrend.
AUD/JPY daily
At the same time, the likelihood of further action from the BOJ is diminishing and that could put downward pressure on all the yen crosses.
I envision a pullback toward 90 in the coming weeks as the positive seasonal bias for AUD and risk trades ends. A slide to those levels would keep the longer-term uptrend intact while correcting some of the exuberance in this pair.
