Listen to the latest market mood for the AUDJPY pair.
The volatility Index hit a record close yesterday as the number of coronavirus cases rose across the world and Govt’s fight to contain the virus. We are still experiencing unprecedented market moves with double digit falls continuing in the stock markets. With the market in such an established risk off tone expect medium term sellers on the AUDJPY pair.
- The JPY is strong on safe haven flows.
- The AUD is weak due to its close economic ties with China and its commodity export economy which is weakened in a risk off market.
- Therefore, expect AUDJPY sellers medium term from pulllbacks to the 69.00-70.00 region
- Risks to this outlook: Any positive medical news that indicates the coronavirus can be treated or cured.