​​​EUR/JPY suddenly drops 

EUR/JPY reversed its fortunes and dropped like a stone, weighed down by a strong yen rally following the results of the ruling Liberal Democratic Party election last Friday. Shigeru Ishiba, who is seen as less dovish than his rival Sanae Takaichi, won the leadership of Japan’s ruling party, effectively making him the next prime minister. Furthermore data released today showed that Japanese retail sales grew more than expected in August, while industrial production came in weaker-than-anticipated.

​The 12 September high at ¥157.51 represents the next downside target, followed by the ¥155.15 mid-September low. Meanwhile resistance can be found around the ¥161.16 23 September high.

EUR/JPY chart 

Source: TradingView.com

 

 EUR/JPY chart 

Source: TradingView.com

USD/JPY resumes its descent

USD/JPY topped out at ¥146.49 with the current September low at ¥139.59 being back in sight, were support at the ¥141.70 August low to give way.

​Minor resistance can be spotted at the 25 September low at ¥142.90.

USD/JPY chart

 

 Source: TradingView.com

 USD/JPY chart 

Source: TradingView.com

​AUD/USD advances further

AUD/USD is gunning for the January 2022 low at $0.6968 while the $0.6895-99 June and July 2023 highs hold as support. 

AUD/USD chart 

Source: TradingView.com

 

 AUD/USD chart 

Source: TradingView.com