Grassroots Currency Speculation

AudJpy went against the eight day trend and started to rise in the last 24 hours. This comes as Reserve Bank Of Australia announced an interest rate cut . They also announced a package of financial measures to combat the economic effects of the Coronavirus outbreak. Most of movement occurred during London Session. NzdJpy also reversed course and headed upward.

The Japanese government led by Abe has been getting criticized for its handling of the Coronavirus but the forex markets do not seem to think that Japan has that big a problem on its hands. When compared to Australia, Japan looks to be in decent shape. It is important to note that the AudJpy has returned to its trend on the daily that has been going on for four days. So despite the fears in Japan of the Coronavirus getting out of control it appears that Australia might have a harder time of it from an economic stand point. No way to tell how long this will last but for now the AudJpy is looking like it could test lower territory. It could hit 72.00 in the next day or so. This analysis was done in the middle of New York Session. AudJpy Coronavirus