After days of testing the $1.14 area, the pair finally broke higher yesterday and has pushed on again this morning. Dips back towards $1.14 should bring out fresh buyers.
The next target to the upside becomes $1.15, above the peak from mid-October 2015.
Although the Aussie has rallied along with other risk assets, it has faltered just above $0.76. A move lower from here would push the pair back towards the low from Tuesday, just above $0.75, and then on down towards $0.7474.
If the pair holds above $0.76 then we look towards the peak from the beginning of the month, at $0.77, as the next target, and then the pair needs to make a new high to restore the upward trend.
The pair has declined rapidly in recent days but for now support at the third weekly pivot at ¥108.70 is holding. If this breaks then the next real support on the daily chart is the October 2014 low at ¥105.20.
It would not be surprising to see a bounce materialise, but the inside trendline that was broken overnight at ¥109.30 will now provide resistance. Even if the price does rally above here the downward trendline off the late March highs will come into play around ¥110.