AUD/JPY breakdown weakens the case for ‘bottom-picking’ the AUD
More stops have just gone off below 97.00 in USD/JPY and I think this will be a common theme in coming weeks as we gradually head back towards 92.50. The crosses are all looking weak, with cable and AUD/USD also falling today although EUR/USD managed to hold steady.
I’m leaving the AUD/USD alone for now, and will concentrate on USD/JPY and cable. The latter looks a bit toppy under the weight of GBP/JPY sales but I’m hoping that once this is absorbed, it can start making fresh highs.