AUD/JPY correlation with S&P 500 under review
AUD/JPY bounces back from a fresh yearly low (87.36), with the S&P 500 reflecting a similar behavior as the index climbs to a fresh weekly high (3963).
The positive relationship between AUD/JPY and the S&P 500 index may persist as the correlation coefficient holds around +0.80 to mark the highest reading since November 2022.
AUD/JPY Rate Outlook
AUD/JPY appears to be finding support around the 87.20 (50% Fibonacci extension) to 87.40 (61.8% Fibonacci retracement) region amid the recovery in risk appetite, with a move above 89.60 (50% Fibonacci retracement) raising the scope for a move towards 90.30 (23.6% Fibonacci extension).
However, recent price action challenges the positive correlation as the S&P 500 as the index hold above the January low (3793) while AUD/JPY fails to defend the opening range for 2023.
Failure to hold above the December 2022 low (87.03) may push AUD/JPY towards 85.80 (61.8% Fibonacci extension), with the next area of interest coming in around 83.80 (78.6% Fibonacci extension) to 84.30 (78.6% Fibonacci retracement).
--- Written by David Song, Strategist
Follow me on Twitter at DavidJSong
The positive relationship between AUD/JPY and the S&P 500 index may persist as the correlation coefficient holds around +0.80 to mark the highest reading since November 2022.
AUD/JPY Rate Outlook
AUD/JPY appears to be finding support around the 87.20 (50% Fibonacci extension) to 87.40 (61.8% Fibonacci retracement) region amid the recovery in risk appetite, with a move above 89.60 (50% Fibonacci retracement) raising the scope for a move towards 90.30 (23.6% Fibonacci extension).
However, recent price action challenges the positive correlation as the S&P 500 as the index hold above the January low (3793) while AUD/JPY fails to defend the opening range for 2023.
Failure to hold above the December 2022 low (87.03) may push AUD/JPY towards 85.80 (61.8% Fibonacci extension), with the next area of interest coming in around 83.80 (78.6% Fibonacci extension) to 84.30 (78.6% Fibonacci retracement).
--- Written by David Song, Strategist
Follow me on Twitter at DavidJSong
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