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AUD/JPY down and under

The Aussie dollar/Japanese yen rate is on the slide
July 3, 2013

The Australian dollar/Japanese yen exchange rate has dropped 1700 pips between April and June this year and there's more downside to come, says Ragu Dharmaratnam of Baselica.

The price has rallied a little to a strong resistance level at 9250, where the 50 per cent retracement level of its recent fall and the 200-day moving average come together. Go short, targeting a drop to 89.50, then 80.00. Place a stop at 93.00 initially.