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Pullback Considered Corrective


Holding Above Recent Lows


BLOCK, Large 3Y Midcurve Put Condor

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  • Persistent pressure on equity indices has kept safe haven FX firmly bid with the Japanese Yen a notable beneficiary.
  • With risk sentiment weighing, AUDJPY is the worst performing currency pair, down just shy of 1% for Tuesday.
    • Despite yesterday's minor uptick, this will be the sixth losing session in the past 7 trading days, giving up the majority of September's gains.
  • USDJPY is currently testing the first support band of 109.59/41 Low Aug 31 and Sep 3 / Low Aug 24.
    • Technically, a bearish risk is still present and key support lies at 108.72, Aug 4 low where a break would strengthen a bearish case and open 108.47, a Fibonacci retracement.