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-YEN: Softening

AUSSIE

AUD/JPY has headed lower in Asia-Pac hours, as familiar risks have continued to generate demand for safe haven currencies, while AUD has gone offered amid reports that Australia's cotton industry has fallen prey to simmering Sino-Australian tensions. The rate last trades -26 pips at Y74.55, would need to double that move to test yesterday's low.

  • Bearish focus falls on the key support area of Y74.08-73.98, which hosts the 23.6% retracement of the YtD range, round figure & lows of Sep 24/Jul 10. A clean break under this zone would turn focus to Y73.32-31, which cushioned losses on Jun 24-26. Conversely, a recoil above Oct 9 high of Y76.52 would allow bulls to pick up some momentum.
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