Early FX move
The Australian dollar is finding some bids today while the yen is drifting lower on the Japanese holiday.
The market is feeling better about coronavirus with no signs of widespread outbreaks outside of China and the number of new cases falling in China (at least officially).
AUD/JPY is up 25 pips to 76.65 early in the day as the pair continues to consolidate below the 50% retracement of the dive that started in mid-January.
I think this is a great barometer for where we are going on the coronavirus trade and global growth in general. Given the newsflow, I would lean towards a continuation on the upside and a retest of the 74.33 level.
