The big picture story here as I see it is that AUD/JPY suffered a major collapse from 105 to 55 and then retraced exactly 61.8% of that move, back to 88. It then fell from 88 to 72 and has retraced exactly 61.8% of that move, back to 81.85. Now if you look at the accompanying 8 hour chart you can see the H&S formation which I’ve been talking about and the break below 79.50 has confirmed this. This pair looks set for some more major losses and a break below 78.50 will increase bearish momentum. (I am short and of course very biased).