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AUD/JPY finds support near 73.60 as China's Hubei reports drop in coronavirus cases

  • AUD/JPY regains some poise on reports stating a big drop in coronavirus cases. 
  • The broader market is still risk-averse with the S&P 500 futures reporting marginal losses. 

The bid tone around the anti-risk Japanese weakened, allowing AUD/JPY to bounce up from near 73.60 after China's Hubei government reported a big drop in
coronavirus cases using the new method introduced earlier this week. 

The number of cases dropped to 4,823 on Thursday from Wednesday's 14,840, Hubei province reported a few minutes ago. Note that the number includes clinically
diagnosed patients – those with symptoms, but yet to be tested positive. 

The selling pressure around the AUD/JPY pair eased after Hubei's report, helping the cross recover from the three-day low of 73.62 to 73.72, the level where it is currently trading. 

The pair, however, is having a hard time building on the recovery from session lows as the broader market is still looking risk-averse.  At press time, the futures on the
S&P 500 are flashing red, while oil prices are flatlined.

The Asian data docket is light, hence the pair is likely to continue tracking the broader market sentiment. 

Technical levels


 

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