AUSSIE-YEN: AUD/JPY has added 38 pips and last.......>

AUSSIE-YEN: AUD/JPY has added 38 pips and last sits at Y75.98. The pair shot

higher in early indicative trade on the back of reports that the ruling

Australian Liberal/National coalition has unexpectedly won the country's federal

elections. AUD/JPY then faltered into the open, amidst persistent worries re:

Sino-U.S. trade matters, with Google moving to limit its business with Huawei.

Worth highlighting that the Australian Electoral Commission is still counting

the votes and it remains unknown whether the ruling coalition will secure a

parliamentary majority. Projections pointing to the gov't gaining a legislative

majority allowed AUD/JPY to move away from its session low of Y75.81.

- A clean breach of the downtrend resistance at Y76.00 would allow bulls to set

their sights on Y76.60, which represents the 23.6% fibo retracement of the move

from Y80.72 to Y75.33. Conversely, bears look to the multi-month low of Y75.33,

touched on Friday.

- The initial focus falls on Japanese GDP figures, due shortly.