Some big moves afoot in the FX markets and I think this AUD/JPY could be the start of something quite big. The cross has fallen 100 pips in the last hour with USD/JPY doing a repeat of yesterday afternoon, the only difference being that the big figure was 87 not 88. I think we are now headed towards 80 and possibly below and it will happen quite quickly. I’m short both AUD/JPY and USD/JPY though my positions aren’t as big as I would like and I will look to sell rallies in both.
AUD/JPY has now broken through a long term trendline and next support is at the 100-day MA, 79.90.
