Commodity Yen crosses trade mildly lower today and stock markets turn into consolidation and retreat mildly. AUD/JPY formed a temporary top at 80.91 and intraday bias is turned neutral for some consolidations. Though, downside should be contained by 78.83 support to bring another rally. We’d expect up trend from 59.89 to resume, sooner rather than later, by breaking through 80.91 to 61.8% projection of 59.89 to 78.46 from 73.13 at 84.60.
Similarly, NZD/JPY also turned into consolidation today, with a temporary top formed at 75.56. Downside of retreat should be contained by 73.78 support to bring rise resumption. We’d expect up trend from 59.49 to resume to 100% projection of 63.45 to 71.66 from 68.86, at 77.07, after the consolidations.
