AUSSIE-YEN: AUD/JPY posted a ~12 pip leg higher......>

AUSSIE-YEN: AUD/JPY posted a ~12 pip leg higher around the Tokyo equity open,

although the Nikkei 225 started on the back foot. However, the rate quickly

pared its earlier gains and last trades at Y75.80, virtually unchanged on the

day.

- Worth noting Fitch said that they exp. Australian GDP growth to slow to 2%

this year, the worst pace since the financial crisis.

- Bulls look for a break above Y76.00/01, which capped gains on May 16/27. Above

here opens the 21-DMA at Y76.34. Conversely, the downside focus falls on the May

17 low of Y77.33, the worst level since the Jan 4 low of Y75.24, which provides

the next bearish target below.

- There is some Australian data coming up at 0230BST/1130AEST, with capex &

building approvals figures due.