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-YEN: Risk-On Impetus Fails To Result In Breach Of Tuesday's High

AUSSIE

Although positive risk appetite provided a tailwind for AUD/JPY overnight, the rate struggled to cross above its yesterday's high. It ground higher alongside e-minis, amid apparent enthusiasm about the ongoing U.S. fiscal talks (despite previously outlined caveats) but rejected Tuesday's upper extreme. The rate last sits at Y74.56, 20 pips better off.

  • A move through Y74.62, which capped gains yesterday, would shift focus to Oct 19 high of Y74.95, followed by the 100-DMA at Y75.50. On the downside, a retreat under yesterday's low of Y74.21 would return focus to Sep 24 & Jul 10 lows of Y73.98, a key near-term support level. Bears need a break here to assert control.

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