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AUSSIE-YEN: AUD/JPY last deals at Y71.80, back to....>

AUSSIE-YEN: AUD/JPY last deals at Y71.80, back to neutral levels, as a slightly
stronger Nikkei 225 has sapped some strength from the yen.
- Dovish RBNZ MonPol decision & accompanying rhetoric heard at the subsequent
presser with RBNZ Gov Orr dragged the rate to a new cycle low of Y70.75
yesterday. AUD/JPY pared most of the initial slump subsequently, with upswing
likely driven by dip-buying, as well as an SCMP story suggesting that Sino-U.S.
trade talks in September will take place as planned. Recovery allowed the pair
to trim losses from 122 to 15 pips at the end of the day.
- A return above the Y72.00 mark would open up the Aug 2 low of Y72.22. Bears
look for a break under the lower Bollinger band (2%) at Y71.23 to gain some
downside momentum.

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