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JPY: AUD/JPY Bounce Holds, But Rally Looks Wholly Corrective

JPY
  • The partial bounce of lows for xxx/JPY continues into NY hours, as the most beaten-down crosses recover off the lows - but show very little sign of a step-change in the bearish trend direction. AUD/JPY trades higher on the day by 0.8%, or 81 pips, and 2.3% off yesterday's pullback lows of 99.22. 
  • The price action in the cross so far this week resulted in a break of the 200-dma support on an intraday basis at 99.87, but no close below. A resumption of the bullish JPY theme would initially re-target this level, but for now a consolidative phase holds, allowing the 14-day RSI to recover back toward 30 points. This indicator hit 22 points yesterday, the most technically oversold since 2019. 
  • On the week, AUD/JPY remains well underwater, however. The 50% retracement for the weekly range rests at 102.32 and a further 4% rally would be required to erase the entirety of the losses posted from Monday morning. 
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