Take your pick what’s leading what today.
USD/JPY has fallen to 102.69after breaking through 102.80 support. AUD/USD has also broken strong support at 0.8950 to 0.8924.
Iron ore, copper, China, US bond yields, you name it that’s what the market is going with and it may run for some time.
There’s tech support here in the at 102.69 and a bit more down to 102.59. With sizable orders at 102.50 it’s a strong enough area that should hold unless things get a bit hairy.
USD/JPY daily chart 12 03 2014
AUD/USD has pulled up at the next level of support at 0.8925 with the 55 dma just under at 0.8920. It breached the broken Dec 2013 resistance line but is back above now.
AUD/USD daily chart 12 03 2014
If the level goes here then we’re in danger of cracking 0.89 and testing last weeks lows at 0.8888 (lucky for some).
