Iridium
Short

AUDJPY CORRECTIVE PRICE ACTION

FX:AUDJPY   Australian Dollar / Japanese Yen
25 0 0
If wave c of the corrective structure should extended there could be a retest of 100.00 price level with all that said prices still have more downside given the speculative long covering in the broader yen exchange rate pairs. AUD continues to show weakness among its developed market piers due to expected rate cuts going forward due to excess industrial commodity supply. A majority of economist expect the RBA to the cut cash rate .25% into 2015-2016 while there is limited excess capacity for the BOJ to act given the large measures in which they have already taken. One could say that Japan is all in and has little to show for it.
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