The AUD is drifting lower this morning which sort of makes sense to me as it is the main risk currency in Asia, and there’s a definite sense of risk aversion in the air; if not full on risk aversion, then certainly cautiousness. AUD/JPY is in a holding pattern on the daily chart between 78.00/79.70 and we are close to the middle of this pattern now. Only a break out of this range will lead to a sharp increase in momentum, one way or the other.