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AUSSIE-YEN: AUD/JPY is back from its earlier lows, but remains limited by Wuhan
coronavirus concerns. The rate gapped lower at the open and sank further to test
the Y74.00 figure, but bounced off there and returned to opening levels. It
currently trades at Y74.29, 29 pips shy of Friday's close.
- The ever-increasing counts of deaths and infections have triggered a risk-off
reaction. China has moved to extend LNY holidays, with various public events
cancelled across the country, in an attempt to contain the spread of the virus.
- The Sydney Morning Herald reported that a fifth person in Oz may have been
infected. The person has tested positively, with confirmation exp. later today.
Australia's Chief Medical Officer warned that more cases are likely to emerge.
- A missile attack on U.S. embassy in Iraq has been somewhat overshadowed by
coronavirus updates, but has likely added to the pressure on riskier assets.
- A dip below Y74.00 would please bears, returning the focus to the Jan 8 low of
Y73.76. A clean break here would suggest the formation of a double top pattern.
On the flip side, bulls look to fill the gap from Friday's low of Y74.43.
- As a reminder, Australia observes a market holiday today.