The AUD/USD pair initially rallied during the session on Tuesday in order to rise above the 1.02 level. However, by the end of the day we saw a significant amount of push back from the sellers. The pair looks very vulnerable to the downside as the global growth story is starting to soften.
The USD/JPY pair looks like it is currently very happy to bounce around the consolidation range between the 79 and 77.50 levels. The central banks of both economies look to weaken their currencies, so we so a range for the foreseeable future.