AUD/USD: Topside pressure should increase as AUD/JPY nears 90.00
The JPY crosses are weak in the face of heavy positional liquidation and AUD/JPY is drifting towards the lower end of its consolidation channel 90.00/93.50. I don’t think we are in a mass risk-off market so I’d expect support levels in the Yen crosses to be respected. That means that the AUD/USD should come under increasing topside pressure as the cross nears its support levels.
If you are tempted to sell near .9325/50 then keep stops tight but I for one am sticking with my long position.