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-YEN: Rally Arrested W/U.S. House Set To Propose Action Vs. Tech Giants

AUSSIE

AUD/JPY ground higher early on, peeking above yesterday's high, before trimming gains in sync with a downtick in e-minis, driven by comments from a Republican Representative noting that the U.S. House Panel will propose the breakup of tech giants and issue recommendations for a dramatic overhaul of the antitrust system. The rate has clawed back some of the resultant losses and last sits +11 pips at Y76.04, just shy of the session high of Y76.08.

  • When it comes to regional events, RBA decision & Australian FY20/21 Federal Budget headline today. ANZ job ads and trade balance are also due out of Oz, while the Japanese data docket is virtually empty.
  • The rate has been stuck between two moving averages over the last four days. Should it manage to break above the 50% retracement of the Aug 31 - Sep 24 sell-off/50-DMA at Y76.22/25, bulls would be able to take aim at Sep 10 high of Y77.74. Bears need a dip through the 100-DMa at Y75.15 before focusing on Jul 10 & Sep 24 lows located at Y73.98, a key near-term support level.

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