AUD/JPY Levels - 97.50 Zone is Key

There's been a clear change-of-pace in trend for AUD/JPY over the past two months, but much of the carry trade that had built in the prior three-plus years remains in-play. As a matter of fact, the 23.6% retracement of that move is a big level with a bit of confluence as taken from the 38.2% retracement of the more recent sell-off.

This sets up for a big test around the 97.50 level and that would be an open door for sellers to respond. A hold there keeps the series of lower-lows and highs in-play. - js