Equities is ranging, and most indices are on strong support, if they drop again then JPY pairs could drop a lot (more JPY strength). SP500 below 2040 is very bearish and DAX below 9800 is very bearish too. Additionally – RBA is signalling more rate cuts. Once this happens money will go back into JPY and we will see a stronger JPY again. Also it is very important to keep an eye for FOMC meeting today.
Technically POC is 79.70-80 (L3,38.2,EMA89,trend line cross) and the pair could reject towards 79.25. But if the retracement is going to be deeper, then next POC is 80.15-30 (78.6, H3, historical sellers). targets are 79.25 and only on a strong H1 momentum break or close below the level we could see 78.70..
AUDJPY Hourly Chart