More AUDJPY gains?

by Ashraf Laidi

Mar 31, 2009 12:28 | 1 Comment

Aussie's broad recovery includes a +200 pip gain against JPY. But does this warrant prolonged gains beyond 69.00? Aside from the incoming Tankan survey from Japan (23:50 GMT), which is expected to reflect sharp dislocation in Japanese business sentiment, the emphasis remains on improved Australian fundamentals. These have been dealt a recent lift by talk of a possible pause in ineterest rates at next week's RBA meeting. Downside risk for this trade may emerge from Aussie Feb retail sales (00:30 am GMT), which are expected down 0.5% from +0.2%. Rather than entering at an already rising AUDJPY, wait for a pullback towards 67.90s for fresh run-up. S&P close above 810 would be especially positive for Aussie in Asian trade. Alternative Aussie plays seen against CAD, GBP and AUD.

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