I look at the last two days of trading together.

Yesterday was a major risk-off theme on Syria and today the market took a calmer second look and unwound some of the moves. Stripping out the noise and looking at the past two days together shows AUD/JPY is the worst performer. The pair managed to bounce today but the magnitude of the rebound today is disappointing given the swift fall on Tuesday and the key support at the low of the day.

AUDJPY technical analysis August 28 2013

AUDJPY with a modest bounce

I like monitoring the intraday chart over the next day for a potential short. After hitting 87.48 early in US trading the pair has been drifting lower/sideways. Some caution is needed through the US stock market close and into Asian trading but signs of renewed weakening should be sold.

More patient traders may simply want to wait for a break of 86.41 for an eventual decline to 80.00.