The AUD/JPY is still retracing and for the bears to be safe the price must stay below 72.50. The market is also waiting for the FOMC today.

As the market is waiting for the major news today (FOMC) we see profit taking on both sides. That makes the price go up and down, without any clear direction. Multiple short signals have been negated and the market is still retracing up. 71.90-72.10 is the zone where shorts should play out. However, we still don’t see it. If the bearish move happens the first target is 71.50, followed by 70.93 and 70.60. Above 72.50 we might see 73.16 and 73.47.

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