AUDJPY: Oh Oh

While I've been talking about the cake being baked we've just done nice big double top over the course of October 2009 through February 2010 on the daily charts.Obviously, this doesn't have to "fire" but it does invite a big panic drop to retest the July 2009 low of 70.75 or so. Considering today's rapid plummet of 300 points at this point who can say.As I noted on my last post I do think people

AUDJPY: The Cake is Baked

Well, the RBA just decided not to increase rates.Recently, China decided to tighten up capital requirements for lenders.Also, there has been talk of taxing or otherwise restricting carry trade activities.Lest we forget, recent news in Australia is mixed.The US market has been skittish.Emerging markets have been very skittish.So, what am I trying to say?I'm thinking the cake is baked. You might