Aussie Yen 24 Aug 2009

Aussie Yen 24 Aug 2009

With the FTSE, CAC and DAX starting the trading week with solid gains, rising between 0.3% and 0.6% at the open on the back of strong US equities on Friday, European are set for an even bigger gain following a positive opening in Asia.  However,  just before the open there was a slight lurch in favour of the sellers as European markets pared some their gains.  Despite this small setback, the bulls can be reasonably happy with their lot and the rally continues.  There are almost no economic announcements of note with exception of  European Industrial new orders and Canadian retail sales at 12.30 GMT.

Pair in play

The dollar appears to be holding up reasonably well this morning, making small gains against the euro and pound. The yen hasn’t has such a good morning, but has at least managed to reduce the morning’s opening deficit at the start of the London session.

The AUD/JPY is one of the day’s biggest gainers as commodity bulls buy into the currency. It’s up 0.9%, but off the peak of the day. A No Touch higher could be the best way to play this if the slight pullback continues. A No Touch on the AUD/JPY with the trigger set to 80.00 over 1 day could return 147%

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