USD/JPY pushes higher
USD/JPY bulls have seized control here, sending the price flying through the downtrend line and above the 100-day simple moving average (SMA) at ¥113.13 for the first time since mid-March.
The next target on the daily chart looks to be ¥115.50, the high from early March. A move above here would create a new higher high. With the price being overbought intraday, it may be wise to wait for a retracement that tests the previous downtrend line, given that the price is now some 70 points higher.
AUD/USD losing ground
The commodity crunch has made itself felt in AUD/USD, which has been steadily losing ground since mid-March.
A drop through support at $0.7364 means that we are looking at a test of $0.7310 if the downtrend continues. Short term, a bounce back above $0.74 and then $0.7420 would be needed to suggest that a turnaround is in the offing.