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Flash: USD/JPY led by Nikkei gyrations as AUD/USD firms - OCBC Bank

FXstreet.com (Barcelona) - Emmanuel Ng of OCBC Bank feels that USD/JPY is being led by Nikkei gyrations while AUD/USD is firming slightly.

He begins by noting that in the near term, the Nikkei’s gyrations may have a larger bearing on the USD/JPY than USD prospects, given also that the JPY crosses have continued to be soggy of late. On the CFTC front, he adds that net speculative JPY shorts also increased in the latest week but markets may continue to mull the 100.00 support in the near term. He writes, “Any breach may thus see a further retracement back to the 55-day MA (98.65). On the topside, the 102.00 area is expected to serve as a near term resistance.”

Moving to AUD/USD they note that overnight, the May AiG performance of manufacturing index improved considerably from the previous month while the improved China PMI over the weekend, permitting the pair to firm slightly from Friday’s close and hover above the 0.9600 floor currently. On the CFTC front, They write, “Net speculative AUD shorts continued to deepen in the latest week and the longevity of this morning’s price action may remain questionable in the current environment. As noted previously, any violation of 0.9600 may pave the way down to 0.9388 area from a technical perspective.”

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