AUD/JPY is making a large recovery on the back of the Aussie rallying from the lows of the London session and making highs in the US just shy of the 1 hr 200 sma at 0.7098 as the dollar has sold off even further, but notably not vs the Yen that seems to have topped out vs the greenback with lows in USD/JPY of 114.20. AUD/JPY has breached the 20 sma on the same hourly time frame at 81.08 and has made a high of 81.66. The theme is risk off, but it is until the Yen can find yet further demand, the crosses risk profile may not have the legs for a break below the psychological 80.00 level in the absence of further panic and extreme risk aversion. The Asian session will be concentrated on Japanese officials and Yellen's testimony in respect of the US dollar and economy as markets prepare for a dovish tone, but on the look out for further caution in Yellen's rhetoric. Stevens will then be up the following day and will be scrutinized in a similar fashion. AUD/JPY levels AUD/JPY has started to recover on the short-term charts, but further out, the bearish trend remains in play below the 200 dma at 88.89 now and in the immediate term, below the 50 dma at 85.34 and the 20 dma at 82.78. 79.21 remains the 2016 low and remains compelling. For more information, read our latest forex news.