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JPY: Gives Away Yesterday's Gains

AUD

Risk barometer AUD/JPY has shed 13 pips so far, virtually erasing yesterday's gains, and last operates at Y84.17. The rate has traded on a softer footing as e-minis have headed lower, despite little in the way of headline catalysts.

  • That being said, the rate is poised for a weekly gain and has almost recouped last week's losses.
  • Bears set their sights on the 50-DMA, which kicks in at Y83.34. A break here would shift downside focus to Apr 9/13 lows of Y83.04/03. On the flip side, a jump above Apr 2 high of Y84.49 would give bulls a green light for targeting Mar 18 cycle high of Y85.45.
  • Implied ATM 1-month volatility sits at 8.30%, just above the recent multi-month lows.
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