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ASIAN MARKETS, AUSSIE-YEN
AUSSIE-YEN: AUD/JPY has slipped 15 pips so far and last deals at Y72.42. The yen
outperforms its G10 peers, even as the Nikkei 225 opened on the front foot.
- Tuesday saw an impressive rally from the pair, as it closed as much as 148
pips better off. It traded sideways from the off, with the Y71.00 figure broadly
providing support, before skyrocketing on the back of the U.S. decision to delay
tariffs on some consumer goods from China in the lead-up to Christmas. The
announcement was accompanied by some positive rhetoric, indicating that both
sides have talked trade on the phone. AUD/JPY's rally ran out of fuel 7 pips shy
of Y73.00 and ebbed off highs.
- Bears look for a pullback through the Aug 8 high of Y72.36 towards the nearest
round figure below. Conversely, the initial bullish target is provided by the
psychological resistance/76.4% fibo retracement of the YtD range at Y73.00/02.