AUD/JPY is one of the biggest movers today following steep risk aversion. The break of 76.78 resistance turned support should confirm short term topping at 78.46, on bearish divergence condition in daily MACD. Whole rise from 59.89 has completed after the terminal thrust out of a triangle pattern.
Fall from 78.46 is likely correcting such rally from 59.89. Deeper decline would be seen to 55 day EMA (now at 75.63) first. Sustained break there will confirm. AUD/JPY would then target 38.2% retracement of 59.89 to 78.46 at 71.36.
