AUSSIE-YEN: AUD/JPY last seen at Y74.39, 32 pips.....>

AUSSIE-YEN: AUD/JPY last seen at Y74.39, 32 pips worse off. The rate dipped

through the 61.8% fibo retracement of its YtD range, located at Y74.49, as the

combination of equity sell-off (led by Chinese stocks) and a fresh round of

combative rhetoric from Iran have supported JPY, while the Aussie has struggled

alongside the broader commodity-tied FX.

- AUD/JPY has recently traded around the aforementioned fibo retracement, which

provided a layer of technical support on Jun 14. Should the rate extend losses

through the Jun 21/20 lows of Y74.14/13, focus would return to the cycle low of

Y73.93, touched on Jun 18. Conversely, bulls initially look to recover Y74.49

and a further rally above Y74.78/79, where the pair peaked on Jun 17, 19 & 24,

would expose the Y75.00 mark.