AUDJPY Market Overview

It looks like a successful break-and-retest. AUD/JPY found resistance at the former support level around 74.25 and is resuming its slide to the next downside targets.

The 38.2% Fibonacci extension level appears to be holding as support at the moment, but stochastic has room to move lower before reflecting exhaustion among sellers. Bearish pressure could still take the pair down to the next support areas, possibly around the 50% Fib that lines up with the swing low and around s1-s2 of the weekly pivot. Worst case for Aussie bulls should lead the price lower dip extension at 78.60% which line up with the s3.

Another speech by RBA Governor Lowe is coming up soon, and negative remarks could hurt the Aussie, especially if risk appetite stays lows.