Counter-trend action in Asia today

Once again on Tuesday, it was Australia and Japan providing the news flow and biggest moves during the Asian session.

Yen sold out – catches bid despite dovish sentiment in BOJ Minutes

The release of the Bank of Japan’s monthly Policy Meeting Minutes Tuesday probably should have meant more downside for the Japanese Yen, but when seemingly everyone in the world is already short or waiting for a rally to get short, there are no sellers to be found and a bounce can occur. That apparently is what may have been the case today.

RBA’s Lowe comments give AUD a brief lift

The Aussie Dollar also caught a little buying interest Monday despite being universally declared in a bear market. In an effort to assign causality to every move that occurs these days, the wires were giving credit for Tuesday’s Aussie upside to comments made by the Reserve Bank of Australia’s Phillip Lowe.

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