AUD/JPY is the worst performer in today’s market — the pair traded below 80.00 for the first time since mid-January.
AUD/JPY has fallen below all the major moving averages and has retraced more than 61.8% of the rally since November. Aside from those classic sell signals, the RBA is cutting rates and global growth sentiment is moving in the wrong direction.
A fall to 77.00 or 75.00 appears likely but momentum indicators are oversold. Patient players will look to a bounce to the 82.00/30 to initiate shorts.
