Risk Breakdown Delayed as AUD/USD and USD/JPY Rally Post-Crimea
- USDJPY holds key 101.20 support, for now.
- AUDUSD testing symmetrical triangle, inverse H&S neckline.
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The Japanese Yen has lost momentum as globall equity markets rebound after the Crimean referendum. The Australian Dollar is the top performer. The breakdown in risk-appetite that was gathering pace on Friday never hit the triggers that we were looking for (USDJPY below 101.20), but tumultuous times may be ahead as there's little indication that any calm in Eastern Europe will be lasting.
We're approaching markets cautiously this week post-Crimean referendum, pre-FOMC meeting on Wednesday - this could be a very headline driven (emotional) market.
--- Written by Christopher Vecchio, Currency Analyst
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