AUD/JPY rebounds above 61.8% retracement

AUD/JPY rebound extends

It's a times like these that I think Fibonacci retracements work best. They're a good way to control risk in the madness and the 61.8% level often determines whether we see a full retracement or fresh lows.

At the moment, AUD/JPY is up to 74.50 which is above the 61.8% retracement no matter how you draw it. In an ideal world, you'd like to see it spend some time up there but it's a good sign.