AUD/JPY still the key spot to watch

AUD/JPY struggling but not at new lows

If you look at a chart of most global stock markets, it's worrisome. The main nearby support levels have given way and after the beating today, sentiment is certainly damaged.

But if you switch over to a chart of AUD/JPY, it's a different story. Yes, it's in a downtrend but it's above the October and September lows. However there is only about 60 pips of breathing room.

If 78.66 gives way, it may be time to find some shelter.