The AUDJPY is the biggest mover today. What does the chart say?

Technical Analysis

Author: Greg Michalowski | audjpy

Down -1.09%

The AUDJPY is the biggest mover today. It has moved down -1.09% on the day. The combination of risk off flows out of commodities and a flow into the relative safety of the JPY, are the driving fundamental reasons for the decline.

Down -1.09%
Technically, looking at the daily chart, the price action has seen the pair cracked below the July and September lows near the 73.965 level and 73.977 (July and September low respectively- see green numbered circles).  The current price is trading at 73.602. Stay below those levels keeps the bears more in control.

On the downside from the daily chart, the next target comes in at the 200 day moving average at 72.783. Just below that is a swing area between 72.38 and 72.692 (see red numbered circles.
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