FX:AUDJPY Australian Dollar/Japanese Yen
AUD/JPY is testing its final major rung of horizontal support before an open supply pocket with no footholds of any note until 83. The ABCD that got underway in earnest with the break at 90 at the beginning of this week ultimately targets 79-80.
Nice rally from Tokyo's open last night forward from ~87.50 as the JPY is sold hard (e.g. AUD faring poorly v. USD by comparison) even while the Nikkei installs its best net % gain (04/04 Nuclear QE announcement aside) since April 2009. 87.50 remains the downside horizontal level to breach for a continuation; 89 is immediate horizontal resistance followed by 89.80-90 and the broken bear flag trend line nearby.