The AUDJPY slumps to support following RBA Governor Lowe’s comments.

The AUDJPY fell aggressively overnight to channel support following RBA Governor Lowe’s comments about the path of the next rate move would be. This took the FX market by surprise following the RBA statement a day before. The pair found support ahead of the 78.00 level, but the risk is increasing that we break below it considering the long black bearish candle that was formed today. A move below the 77.00 level may be in the works now.

AUDJPY threatening breakdown

Blake Morrow