Some incredible data I’m just reading shows that on July 7th, two days ago, the net AUD/JPY margined longs were twice as much as the USD, EUR and GBP/JPY longs combined. These AUD/JPY long positions have increased at an alarming rate, up by almost 30% in the week to July 7.
Next support on the daily chart is at 70.50 and a break below there should see the neckline of the 55.20 double-bottom tested. This comes in at 68.25. Any rallies back towards 76 should be seen as gift selling opportunities.
