Friday is the last day of January and the old saying (and there’s some truth to it) is that however goes January, goes the year.
That’s bad news for stocks and bets on yen-crosses. The largest decliners were CAD/JPY and AUD/JPY . The loonie has problems of its own with the Bank of Canada shifting dovishly but the rate cut cycle is likely over in Australia.
The Aussie is the best performer today and it’s yen crosses have been stubbornly buoyant despite a world of troubles. Technically, AUD/JPY is still in a tough spot but it’s showing a pulse.
AUDJPY daily
At the very least, a break above the October low of 90.73 is critical to spark some upside momentum.
It’s a similar story in USD/JPY where the pair needs to get above 103.00 or 103.50. Like Ryan said the other day, if you were waiting for a dip, this might be it.
