- AUD/JPY rejected at session highs bt 75.88 , fell back to near 75 levels and is threatening to dip further into the red.
- Yen on the rise, while bearish iron ore forecasts for 2016/17 by Australian government hurt Aussie.
- On the 4-hourly charts. AUD/JPY has broken major trendline support at 75.35, bias lower.
- We see scope for test of 74.55 levels, break below could see next support at 74.15.
- Momentum on the daily charts is also bearish, invalidation of bearish bias only ob break above 76.30.
Recommendation: Good to sell rallies around 75.30/40, SL: 75.90, TP: 75/74.55
