The FX market is looking to the equity markets for a lead and so far the lead has been lower, with falls of over 0.5% on most of the major exchanges encouraging some mild selling in the JPY crosses, AUD/JPY in particular. The weak ISM overnight is adding to worries that the US economy is slowing down again. The hourly chart for AUD/JPY shows that it is well ensconced in a 72.50/75.00 short term consolidation range, a fact which will also have encouraged selling at this mornings 74.75 highs. It is currently trading around 74.25 as Tokyo lunch begins. Bon appetit!