Japanese Yen is a defensive currency. Any fear in the market and this appreciates. The Australian Dollar is a more risk on currency.
See how during times of panic, this pair spikes. See the 2000-2002 crash, the 2008 crash and the 2020 covid crash. In all these periods the JPY appreciated against the AUD.
When times are good and people are risk-on, this pair falls. See how this pair fell during the period after March 2020.
So we should keep a close eye on this. A bullish KST cross and price moving above the 12 month Moving Average can indicate that the party is over for Equity Bulls.