Description
⋅ Where the S&P 500 goes, AUDJPY usually follows.
Right now there's a divergence between global equities and AUDJPY.
AUDJPY is undervalued - fair value is around 100.
Unless the S&P 500 breaks down (unlikely in the medium term given that everyone is calling for a stock market crash)...
AUDJPY should continue to move upwards, closing the divergence with the S&P 500.