AUSSIE-YEN: AUD/JPY dipped early on amid risk-off....>

AUSSIE-YEN: AUD/JPY dipped early on amid risk-off flows, with U.S. equity index

futures opening lower; they have ticked away from lows in tandem. Little to move

the needle in terms of fresh news flow, other than continued U.S.-China sabre

rattling from the POTUS. Liquidity is thinned owing to public holidays in

several countries across the region, but not in Australia in Japan (though many

in Japan are probably off nonetheless, as flagged). AUD/JPY last trades -9 pips

at Y69.70.

- Bears see the 50-DMA at Y67.96 as their initial target. Should it give way,

the downside focus would turn to Apr 21 low of Y67.29, the key near-term

support. Bulls look for a push through the 61.8% retracement of the Dec 30 - Mar

19 slide at Y70.17, where AUD/JPY topped out yesterday. This would bring the

next resistance level, Mar 3 high of Y71.52, into view.

- In local data, core Tokyo CPI inflation turned negative in April, with markets

expecting it to register at +0.1% Y/Y. In Australia AiG M'fing PMI tumbled last

month, while final CBA M'fing PMI was revised a touch lower vs. the flash

reading. Australia reports Q1 PPI figures later today.