The yen is on the front foot this morning.....>

FOREX: The yen is on the front foot this morning following yesterday's weakness

which came amid broad-based USD gains and a bounce in US stocks. USDJPY found

some resistance early on at 110.21 and has fallen back down to 109.88, but

remains well within its recent trading range. 

- AUDUSD continues to drift lower in steady fashion with support at 0.7345 in

sight. A push above 0.7400 would provide some s-t momentum to bulls, but a break

of 0.7445 would be needed to indicate a more sustained bounce. 

- NZDUSD is coming under pressure from the collapse in business confidence

released today, which dropped to -39.0 from -27.2. The pair is testing its June

21 lows at 0.6826 and a break below here would leave only the Dec 2017 low of

0.6772 support preventing a major move lower. The data comes as the RBNZ has an

monpol announcement tomorrow, and while expectations are firmly for a hold, any

dovishness in the statement could provide the trigger for a bearish break.