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AUD/JPY downside breakout, targets 90

Australian Dollar falls broadly in Asian session, after release of poor service sector data, and on the back of risk aversion. AUD/JPY’s break of 92.11 temporary low confirms down resumption of decline from 99.32. Near term outlook will stay bearish as long as 94.52 resistance holds, even in case of recovery. Next target is 90.51 support first.

For now, it’s unsure whether fall from 99.32 is corrective the up trend from 78.77 only, or that from 59.85. Reaction to 55 week EMA (now at 89.60) should reveal which case it is. In the bearish case, AUD/JPY could fall further to 38.2% retracement of 59.85 to 99.32 at 84.24 before bottoming.

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