Key Support: 80.50 – 79.50 78.00
The AUD/JPY has been in a big rally (up 5.32% from August lows) but the overall structure in this market is very much bearish. If we look at the highs printed on May 10th to the lows printed on August 21st the AUD has declined -9.26% against the Yen.
The rally from the past couple of weeks is a 50% pullback from the entire bearish move. More so, it’s also a 61.8% pullback from July highs-to-August lows AND a 113% pullback of the entire August range. We have a Fibonacci cluster here.
We can also see price retesting the 82.00 level, which has been historically strong and this is the first retest of this level since it was broken back in July 15th.
My short position here follows the rationale of JPY strength AND USD strength. The USD rallying at the moment is bearish for the AUD and the JPY bouncing from key support is also bearish for the AUDJPY.
Double whammy.
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