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AUD/JPY: Relief rally falters at 200-day EMA, downside risks remain

FXStreet (Bali) - AUD/JPY saw heavy selling since mid Tokyo on Tuesday, with bearish dynamics being re-established leading to a retest of 93.00 bids from a 94.50 high, with current price seeing a modest rebound towards 93.20/30.

The daily shows a bearish engulfing bar, communicating that this market remains a clear sell on strength, with Tuesday's sales initiated at a key flip zone, also well protected by the 200-day EMA, crossing at the exact same level.

Going forward, a break of 92.90/93.00 should see losses accelerate, allowing a test of 92.20/92.00 (61.8 fib retrac 88-98 rally and round number), while on the upside, as long as 94.50 remains safe, bears should remain in control.

USD/JPY attempts to upside failing

USD/JPY is trading at 107.24, up 0.19% on the day, having posted a daily high at 107.42 and low at 107.05.
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According to Masayoshi Amamiya, BOJ executive director in charge of the Monetary Affairs Department, now crossing the wires, BoJ Gov kuroda thinks that as long as FX moves in line with fundamentals, weak yen is a positive for exports and companies operating globally.
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