Saxo Group Videos

Lucas: Weaker China hitting AUD - JPY seeing safe haven buying

With weaker numbers from China, the latest manufacturing PMI is at a six and a half year low, commodities are coming under sustained pressure and therefore currencies like AUD are feeling the pain.

Steve Lucas from 3c Analysis outlines his trade in AUDJPY, with JPY attracting safe haven buying.

A recent bounce stopped at 50% recovery to the August/September losses and the market remains under falling 50 and 200 moving averages as well as posting lower daily highs and lows

Sell: 8480

Stop: 8532

Targets: 8334 8252 8193

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01:08 minutes
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