AUD/JPY is a classic risk proxy. The nearly 100-pip gain today mirrors the rebound in global stocks markets after the United State’s limp response to the Crimean referendum.
The pair is poised to post an outside bullish reversal today after bouncing off the uptrend from early February. It’s the third higher low in AUD/JPY.
The problem is that the topside isn’t especially bullish. The 100-day moving average capped today’s rally and even through the 2014 high broke early in the month, the pair posted a wicked turnaround on March 7.
AUDJPY daily with 100dma
