AUD/JPY is turning to the downside below the convergence of the 20 and 50 sma on the hourly chart. The yen remains strong and is again making new lows and has penetrated the 114 handle vs the greenback. The cross is headed towards a break of the 80.50 support level. Yellen was the focus, but was unable to keep the bears at bay. Today, we now await RBA governor Stevens to testify and we will be looking for signs of whether a rate cut is on the cards for this year. The Yen will be at very uncomfortable for the authorities of Japan although In an interview with Bloomberg yesterday in Asia, Japan's Deputy Chief Cabinet Secretary Hiroshige Seko explained that the BOJ hasn't run out of policy options in its efforts to spur economic growth. "Our economists expect the BOJ to ease in July again, but the possibility of an earlier easing cannot be ruled out, in our view. Japanese policymakers' stance on FX remains JPY negative as USD/JPY is trading around 115, which is an important level for Japanese exporters,” explained Yujiro Goto, Research Analyst at Nomura. AUD/JPY levels AUD/JPY is technically trading with a bearish bias and has the pressures from above the 55 sma at 81.26 with pressures towards 0.8050 as first support as today's lows of 80.47. Beyond there, 80.00 is the recent low ahead of 79.20/50 2016 lows. For more information, read our latest forex news.