AUD/JPY is the big mover today, down more than 100 pips. The decline busted the May low and marks the lowest since March 26.
I’ve been writing about selling this pair for a few weeks and the drop finally came today. I also wrote yesterday about AUD/JPY and the potential for a fall with a short-term head & shoulders on the chart.
For AUD/JPY, support is thin until the the 100-day moving average at 93.33 but I don’t see that as a particularly significant level so the downside is vulnerable. The yen crosses could be headed for a larger slide if the bearish sentiment in stocks spreads.
AUD/JPY daily
