AUSSIE-YEN: AUD/JPY has drifted a dozen pips lower...>

AUSSIE-YEN: AUD/JPY has drifted a dozen pips lower and last sits at Y79.34.

- The pair was seen ebbing lower from off, before it round tripped from its

session high of Y79.53 alongside the Nikkei 225, which managed to have a look

into positive territory. Benchmark Japanese equity index was probably driven

higher by a surge in Sony stocks, inspired by a RTRS source story stating that

Third Point "is raising a dedicated investment vehicle to target $500mn-$1bn in

capital, so it can buy more Sony shares."

- AUD/JPY then retreated through Y79.30 into the Tokyo fix, before making

another round trip, to a reaction high of Y79.40, after Australian home loan

data topped expectations.

- The initial layer of support is provided by Y79.23, which represents the

100-DMA. Below here would expose the psychological Y79.00 level, briefly

breached yesterday. Conversely, as the pair is nearing the upper end of its

relatively narrow post-Jan 3 flash crash range, bulls keep an eye on the Feb 5

YTD high of Y79.85.