AUD/JPY up 130 pips today
The biggest percentage mover in FX today is AUD/JPY, up 1.8% on the sharp reversal in market sentiment after the US delayed some tariffs.
The rebound today came just ahead of last week’s low and also just ahead of the flash crash low. That’s going to spark some optimism that this is a more-durable bottom. I’d feel better about that call, however, if the pair managed to finish at the highs of the day.
In the fundamental picture, this easing of US-China troubles could be lasting but you have a better chance of reading the technicals than trying to figure out what Trump will do next.
The first target is something close to 74.00.