AUD/JPY: bearish bias in risk-off start to the week; more to come?

AUD/JPY has fallen off a cliff at the start of this week with an acceleration taking place as Tokyo got going triggering stops below the USD/JPY112.50 mark to the lows of 112.04 so far, equating to the cross as 83.31 at time of writing. 

Tokyo has set-off a run of risk-offness after the OPEC meeting got drenched in doubt at the end of last week, sparking further concerns over a spanner in the works of globalisation. The Saudies have suggested that ministers should agree to the cut and then present the agreement to non-OPEC countries before meeting, and thus announced that they will not attend the scheduled meeting. Oil Intermarket: Oversold safe havens extremely sensitive to oil price action

This, in the absence of key Aussie releases and along with the greenback making tracks in overbought territory still, leaves doubt in the continuation of the post-Trump victory risk-on market and supports the Yen at the start of this week.  US data will now dominate attention, including nonfarm payrolls and US GDP while markets get set for the end of the year's showdown in the final FOMC meeting mid Dec. 

AUD/JPY levels

With spot at 83.33 currently, AUD/JPY is trading below the 20 sma on the 4hr sticks at 83.52. The bearish bias points towards a test below the figure at 82.90 and recent lows as first support below 82.58/40. 81.95. 81.00 is the last defence of this recent 20th Nov bullish rally en route to 85.60 recent highs with 86.65 late March highs thereafter.