Depending on where you like to draw your Fibonacci retracements from, AUD/JPY may well have broken through strong resistance this morning. The 38.2% of the 104.40/55.05 collapse comes in at 73.90, and we are now clearly through that level. If you want to draw from the double top at 107.80, then the Fibo isn’t until 75.20. The break above the prior 73.50 high should increase bullish momentum and now targets levels between 80/85 but the underlying major trend is still bearish.
