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EQUITIES

Better buying on the cash open lacks momentum

CROSS ASSET

Equities spill over into Bond and FX

YEN
YEN: Traders continue to fade the risk-on rally with JPY crosses easing off Asia
highs.
- EURJPY dips back under Y125.00 to hold around the Y124.90/95 level. Y125.40-60
remains key on the topside which holds the 100-dma, 50% retracement of Apr fall
& series of previous highs.
- AUDJPY holds in the middle of its Y78.10-46 range. Expect support in the
Y78.10-15 area which has registered previous lows through April.
- NZDJPY dips back under Y74.00 which holds the 50% fibo of the Dec - Jan fall.
- NOKJPY trades back under the 100-dma (Y12.8792) to Y12.8430. Support remains
at Y12.8133 from the ytd low.