Today is a big news day first we have Australian Consumer Price Index ( CPI ) report then European session Great Britain Preliminary GDP report then US Federal Reserve rate decision (FOMC) according to CME group Fed watch market has price in 0% probability of rate hike on this meeting. a lot of market mover for the next 48 hours , in the mean time technically AUDJPY could formed a double top if fundamental agree. Yesterday Pre London market give the Bull a nice 100 pips+ move , now is the Bear turn look for an opportunity to sell at double top area + weekly pivot ( WPP ) 86.29 area .
If fundamental news push the Australian dollar further up and Yen continue its weak trend then AUDJPY double top become break up further to the Fibonacci 131.8% level which is a nice 100 pips+ move to 87.5 area. The probability of Australian dollar strengthen is fuel by more good news from China and as we can see commodity index continue moving up
Bank of Japan ( BOJ ) is busy to weaken Yen to support their export by giving incentive paying Banks to lend out Money. Bit by bit add up to further fuel the AUDJPY break up the Resistance area. This is going to be a nice exciting trading days.