Listen to the market mood for the AUDJPY currency pair in the coming session:
We are expecting the JPY to be weaker today on improved risk sentiment following strong US manufacturing data yesterday and recovery in Wall St. as the S&P 500 closed up +0.73% and the Dow up +0.51%.
We are expecting AUD strength today after the RBA remained on hold at their rate meeting last night and risk-on tones support the antipodean currencies.
Expect AUDJPY buyers on a deeper pullback.
Risks to this outlook
If we see a fall in equities on coronavirus fears then AUDJPY will find sellers and invalidate this outlook, so keep a close eye on risk sentiment which is vulnerable to large swings at the moment.