AUSSIE-YEN: AUD/JPY has slipped 18 pips thus far.....>

AUSSIE-YEN: AUD/JPY has slipped 18 pips thus far and last deals at Y78.09, with

JPY drawing support from underperforming domestic equities (the Nikkei 225 is

~0.7% lower at writing). Also worth mentioning the latest AU Westpac consumer

confidence print resulted in the survey moving into pessimistic territory i.e.

sub-100, for the first time since November 2017. 

- Initial bearish focus falls on the psychological Y78.00 level, as the rate

hovers just above, while a break below would open up Y77.81/78, which represents

the 21-DMA/yesterday's low. Conversely, bulls look for a move through the

Y78.30/35 area, which covers a series of recent intraday highs, which would open

up the 61.8% retracement of the move from Y84.02 to Y70.64 at Y78.92.