AUSSIE-YEN: AUD/JPY picked up a bid Wednesday,.......>

AUSSIE-YEN: AUD/JPY picked up a bid Wednesday, filling the gap from Jan 24 as

the yen was easily the worst performer in the G10 basket. The rally was capped

at the 50% retracement of the Dec 27 - Feb 3 bear market, which remains on the

radar. Asia-Pac hours saw a modest pick-up in risk appetite, while some pointed

to worries about potential recession in Japan & short-covering as denting JPY

through the rest of the day. 

- The rate sits at Y74.34, barely changed on the day. It has oscillated within a

tight range stretching between its 100- & 200-DMAs. A push above the

100-DMA/aforementioned retracement level at Y74.43/48 would open up the 50-DMA,

intersecting at Y74.80. Meanwhile, a drop below the Y74.27 200-DMA is required

to open up the Feb 18 low of Y73.19.

- All eyes are on Australia's Labour Force Survey, due for release shortly.