• Strong technical resistance at 89.00 in AUD/JPY.
• AUD positioning remains at extreme short levels, although un-wind seems to have begun against most other majors.
• Market remains bearish on JPY and will not need much persuasion to buy AUD/JPY under the right conditions.

I’d suggest waiting for any technical break to occur and then looking for dip-buying opportunities. Alternatively, AUD bears will find good risk-reward in selling a failure at 89.00 with a tight stop-loss.