AUD/JPY is under some heavy selling today. The development should confirm that a short term top was formed at 95.73, on bearish divergence condition in 4 hour MACD. It’s now correcting the whole rally from 80.34. Deeper fall should be seen to 38.2% retracement of 80.34 to 95.73 at 89.85. Break of 93.27 minor resistance is needed to indicate completion of the pull back, or risk will stay on the downside.
Similarly, NZD/JPY is also in correction to rise from 75.22 to 87.33. Deeper decline could be seen to 38.2% retracement of 75.22 to 87.33 at 82.70. Break of 85.85 minor resistance is needed to indicate completion of the pull back, or risk will stay on the downside too.
