The forex markets risk barometer, AUD/JPY, has taken out two important levels at the start of this week, 90.50 and now 90 the figure. 

AUD/JPY H1 chart

The hourly chart above illustrates the the mood in financial markets. 

Asian equities are in a sea of red and have fallen to their lowest in nearly two years on Tuesday.  Investors have moved out of riskier assets due to the concerns over higher interest rates and their impact on economic growth, while the US dollar held near 20-year highs.

• US dollar sits firm below the freshly scored 20-year high

MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.8%, falling for a seventh straight session and extending declines to 17% so far this year.

Eleswewhere, the Aussie and kiwi are also printinf fresh lows for the year. AUD/USD is on the brink of a break below 0.6900 and the kiwi is already below 0.63 the figure, the lowest level since June 2020.