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AUD/JPY Tracking Towards The 200-day MA

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AUD/JPY weakness remains in focus, off a little over 1%, last 100.10. We aren't too far from the simple 200-day MA, see the chart below.

  • Familiar themes are in play with risk off still dominating the equity space. US equity futures are trending back down, off earlier highs. None of the regional equity markets are firmer, with Japan losses close to 3%.
  • China markets remain soft as well, despite the 20bps MLF cut and the 2000bn liquidity injection.
  • Commodity prices continue to falter as well, with iron ore and copper down a further 1% each.
  • Note as well we have a 100.00 option strike in AUD/JPY expiring today, per BBG (around $500mln notional).

Fig 1: AUD/JPY Nearing 200-day MA

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AUD/JPY weakness remains in focus, off a little over 1%, last 100.10. We aren't too far from the simple 200-day MA, see the chart below.

  • Familiar themes are in play with risk off still dominating the equity space. US equity futures are trending back down, off earlier highs. None of the regional equity markets are firmer, with Japan losses close to 3%.
  • China markets remain soft as well, despite the 20bps MLF cut and the 2000bn liquidity injection.
  • Commodity prices continue to falter as well, with iron ore and copper down a further 1% each.
  • Note as well we have a 100.00 option strike in AUD/JPY expiring today, per BBG (around $500mln notional).

Fig 1: AUD/JPY Nearing 200-day MA

Keep reading...Show less