Free Trial

AUSSIE-YEN: AUD/JPY last deals at Y79.58, 16 pips....>

AUSSIE-YEN: AUD/JPY last deals at Y79.58, 16 pips better off, as optimism re:
Sino-U.S. trade talks has supported the broader risk appetite. 
- The pair registered a ~25 pip spike to its session high of Y79.64 on the back
of comments from Chinese President Xi, who noted "substantial progress" in trade
talks with the U.S. and called for an early conclusion of a bilateral deal.
Subsequent pullback from the peak was stopped by remarks from Chinese VP Liu,
who noted that "a new consensus [with Washington] has been reached," sending the
rate back towards its best levels.
- Nevertheless, it is worth noting that the rate has stuck to a 28 pip range
thus far.
- The pair is nearing the upper end of its recent range entered during the week
following the Jan 3 flash crash, spanning between the Feb 8 low of Y77.44 and
the Feb 5 YTD high of Y79.85. A lift through the aforementioned YTD peak would
help bulls gain some topside momentum. Conversely, bears look for a return below
the 100-DMA at Y79.28, which capped gains on Monday. Below here opens the
21-DMA, located at Y78.80.

To read the full story



MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.