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JPY: Creeping Higher

AUD

AUD/JPY has picked up a bid amid light risk-on flows, with a CNN piece suggesting that U.S. Pres-elect Biden could table a $2tn Covid-19 relief package, with details coming up later today. AUD and JPY sit at the opposite ends of the G10 scoreboard as we type, with AUD/JPY trading +22 pips at Y80.55.

  • The high print of Jan 8 at Y80.93 remains the initial bullish target. A break above that level would bring the upper 2.0% Bollinger band at Y81.20. Conversely, a dip through Jan 11 low & round figure of Y80.00 would turn focus to Jan 4 low of Y78.85.
  • Implied 1-month volatility in AUD/JPY has continued to falter, hitting lowest levels this year.
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