Last time I looked at the AUD/JPY it was testing the pivotal 90 handle as resistance. It did manage to push above that level and reel off a 350-pip rally before stalling out at 93.55 area in the middle of this week. What we see now following that high was a decent pullback - a 61.8% retracement of the move from Friday's low at 90.62 to the previously mentioned high. Finding support there is a good sign that we may have a bullish continuation. RSI shows this as well as its retreat from overbought levels turned back upward above 40 - a sign that bulls maintain momentum. The short term target is the previous high at 93.50.Above that we look at pivots from the rally in late 2012/early 2013 and I can spot an important one at 95.20.A failure to hold the recent low here at 91.75 (and consequently a break of the 55-EMA) would pretty much invalidate any short-term bullish posture, and we either start to see a further retrace to the 2-week rally, or some sideways action. - Nick