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-YEN: Biased Higher

AUSSIE

AUD/JPY has added 13 pips so far and last deals at Y74.77, with AUD topping the G10 pile as we type. A spillover from a positive session on Wall Street/upticks in the three main e-mini contracts have lent support to the pair. Elsewhere, a round of decent enough flash CBA PMIs out of Austraila did no harm to the Aussie dollar, as a slight slowdown in expansion of the m'fing sector was coupled with an acceleration in the expansion of services.

  • A clean break above Oct 2/7 lows of Y74.93/95 would bring the 50-DMA at Y76.03 into play, with key resistance from Oct 12 high of Y76.52 coming up next. On the downside, focus falls on the Y74.21-19 area which limited losses earlier this week. A move through there would draw attention to Sep 24/Jul 10 lows of Y73.98.
  • Preliminary readings of Japanese Jibun Bank PMIs as well as broader headline/market flows take focus from here.
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