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AUD/JPY – False Breakdown or 75.00 in View?
AUD/JPY has been pushed and pulled by risk on/risk off flows as the Brexit vote comes to fruition. The pair broke the key 77.50 support level as yen flows post BOJ and fears of Brexit helped drive the pair lower.
But with Remain vote now looking like it may squeak out a win global equity markets have breathed a sign of relief and the pair has managed to rally back to 77.50. However former support usually becomes current resistance and AUD/JPY has struggled to push much beyond that level today.
A slew of new Brexit polls along with RBA minutes are scheduled to be on the docket tonight and they could provide another boost to risk flows in Asia trade, but if the news shows a rebound in Leave fortunes then AUD/JPY could quickly sink to 75.00