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Yen, Gold Prices May Rise as Apple Sees Revenue at Risk on Coronavirus

Yen, Gold Prices May Rise as Apple Sees Revenue at Risk on Coronavirus

Daniel Dubrovsky, Strategist

Japanese Yen, Gold Prices, AUD/JPY, Coronavirus, Apple – Asia Pacific Market Open

Japanese Yen Gains With Gold Prices as Coronavirus Impacts Apple Outlook

The anti-risk Japanese Yen and anti-fiat gold prices are aiming higher into Tuesday’s Asia Pacific trading session amid a downturn in market mood. Around 21:00 GMT on Monday, Apple announced that the company does not anticipate to meet their $63b-$67b revenue guidance for the March quarter. The reason is due to a slowdown in output and softer demand amid the ongoing coronavirus outbreak in China.

It also did not help that Wall Street was closed for the Presidents’ Day holiday, resulting in lower-than-usual liquidity conditions. This is a natural recipe for volatility amid sudden breaking news that can impact sentiment. On top of this, China also reported an additional 1,807 cases of the Wuhan virus on Monday alongside 93 deaths. Total fatalities from the coronavirus across countries have now surpassed 1,800.

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This is raising concerns that global economic growth could slow further. On Monday, Japanese fourth-quarter GDP unexpectedly shrunk at its most-aggressive pace since 2014. China and Japan are the world’s second and third-largest economies respectively. Their slowdown will likely be felt across the globe given their relatively elevated importance of trade when looking at their economic complexities.

S&P 500 futures are pointing lower into Tuesday’s session which may translate into a pessimistic tone in equities ahead. That may send the Nikkei 225 and ASX 200 to the downside, boosting the Yen at the expense of the pro-risk Australian Dollar and similarly-behaving New Zealand Dollar. AUD/USD may see some strength on the incoming RBA meeting minutes which may underscore recent cautiously optimistic tones.

S&P 500 Futures Sink Ahead of Tuesday Asia Trade

Yen, Gold Prices May Rise as Apple Sees Revenue at Risk on Coronavirus

Chart Created in TradingView

AUD/JPY Technical Analysis

AUD/JPY may be at risk to near-term losses after prices took out the rising trend line from early February on the 4-hour chart. That has exposed immediate support at 73.03. If the latter is taken out, that may be a signal that the pair could extend weakness towards 72.37. Otherwise, pushing through key resistance at 74.16 to 74.39 opens the door to pushing higher.

AUD/JPY Mixed
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Change in Longs Shorts OI
Daily 5% -3% -1%
Weekly 0% 11% 7%
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AUD/JPY 4-Hour Chart

Yen, Gold Prices May Rise as Apple Sees Revenue at Risk on Coronavirus

Chart Created Using TradingView

--- Written by Daniel Dubrovsky, Currency Analyst for DailyFX.com

To contact Daniel, use the comments section below or @ddubrovskyFX on Twitter

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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