FXStreet (Łódź) - The eFXnews team comment that Credit Suisse analysts suggest USD/JPY below 100.85/75 would mark a large top, while AUD/USD only below .9330/22 completes a top.
"USDJPY has declined sharply, taking out the near-term price and 50% retracement support at 101.44."
"Further weakness should see a move towards the recent low at 101.06, followed by a challenge of more important support from the lower end of the medium-term range at 100.85/75."
"Only below this latter area would mark a large top, aiming at 99.64 initially – the 50% retracement of June 2013/Jan 2014 rise."
"Immediate resistance shows at 101.42, then 101.58, above which should see a retest of the 101.81/88 recent high and 61.8% retracement. Above can here see a small base to aim at the July high at 102.28."
"We stay biased for a break here to complete a top, clearing the way for further weakness to .9258 initially, and then what we view as more important support at .9230/.9202."
"Below this latter area would see a much larger bearish reversal established, suggesting the core medium-term bear trend has resumed. Immediate resistance shows at .9378."
"A move above .9411 is needed to ease bearish pressures for a move back to the short-term downtrend at .9422/29."
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