Overall I remain bearish on both the AUD/USD and the AUD/JPY but something doesn’t smell quite right to me at the moment so I’m buying AUD/JPY at current levels. With a base now looking to have formed at 72, a move back towards 80 looks possible in the short term and as many of the bigger players seem to be hedging their short positions, I think I’ll join them for a few sessions at least and see what happens.