- July 10, 2020
- Posted by: Analysis Team
- Category: Forex News
- AUD/JPY drops below trendline rising from June 21 lows.
- Yen draws haven bids on the resurgence of coronavirus cases.
The lockdown fears fueled by the rising number of coronavirus cases in the US and the resulting risk-off in the US and Asian equities are pushing the anti-risk Japanese yen higher across the board.
The AUD/JPY pair is trading in the red near 74.31 at press time, representing nearly a 0.40% decline on the day.
The JPY cross has breached the ascending trendline rising from lows seen on June 21 and June 28, having dived out of a sideways channel early Friday, as seen on the 4-hour chart. The breakdown is backed by a below-50 or bearish reading on the 14-day relative strength index.
As such, the pair risks falling to the psychological support of 74.00 ahead of the weekend.