Forex: Top-heavy AUD/JPY looking South

FXstreet.com (San Francisco) - The Australian dollar is also heavy against the yen, with AUDJPY now exchanging at intraday lows around 92.60, down 0.7% so far this Thursday afternoon. A slip below 92.50 may open scope for a bearish run toward 23.6% retracement support at 89.95 (74.45/94.60 upswing).

Considering the medium and long term view, Chris Tevere, CMT, Senior Technical Strategist at FOREX.com says "As for AUDJPY, it's presently trading at levels not seen since 2008 and while it saw a brief setback today, many are eyeing the 96.50/60 level which sees the 78.6% retracement of the 2007-2008 decline."

Tevere adds: "On the other hand, if a deeper correction ensues the next level of support may be into previous highs (over the past 3 years) located between 88 & 90."