SK Hynix Flash-Crashes and Kospi Slides as an AI-Led Chip Selloff Grips Asia While the Yen Catches a Safe-Haven Bid and Copper Holds Near Records | Technical Analysis – Asian Session | 06-08-2026
SK Hynix Flash-Crashes and Kospi Slides as an AI-Led Chip Selloff Grips Asia While the Yen Catches a Safe-Haven Bid and Copper Holds Near Records
USD/JPY · AUD/JPY · Copper · Crude Oil · Hang Seng · Cardano · XRP — live Tokyo, Seoul and Hong Kong coverage through the Asian session
“A second Nextrade flash-crash in a week is not noise — it’s a market telling you the AI-chip trade got too crowded, too fast, and Asia is where that unwind is showing up first.”
Thursday’s Asian trade is dominated by a fresh bout of AI-valuation anxiety that began on Wall Street overnight, where AMD shares fell nearly 7% even after reporting record quarterly revenue of $11.5 billion, as investors focused on a more cautious forward outlook. That unease has landed hardest in South Korea, where SK Hynix shares plunged as much as 30% in pre-market dealings on the Nextrade exchange — the second such flash-crash in the space of a week — before regular trading extended the losses and dragged the broader Kospi sharply lower, with Japan’s Nikkei 225 and Topix also retreating as chip-related names came under pressure. Hong Kong’s Hang Seng opened down roughly 1% near 25,667 and extended losses toward an intraday low near 25,450 as the regional tech selloff spread, snapping a recent run of gains.
In currencies, USD/JPY is trading near 157.40, edging modestly lower as the yen picks up a limited safe-haven bid from the equity rout, a dynamic complicated by a Liberal Democratic Party lawmaker’s proposal for the Bank of Japan to sell part of its ETF holdings to help fund a domestic tax cut, and by Fitch’s view that further yen gains will ultimately require actual BOJ rate hikes rather than risk-off flows alone. AUD/JPY is under considerably sharper pressure near 109.35, as the growth-sensitive Australian dollar bears the brunt of the chip-led risk aversion sweeping the region. In commodities, oil is broadly steady, with WTI holding near $75.30 a barrel as reports that Iran and Oman have agreed on route coordinates for a Strait of Hormuz reopening deal offset a surprise build in US crude inventories, while Copper is one of the session’s few bright spots, holding near $6.72 a pound as LME warehouse stocks sit at a five-month low and record volumes of the metal continue flowing into US ports ahead of an expected tariff decision. In digital assets, Cardano is softer near $0.192 and XRP has slipped toward $1.06, both drifting lower in sympathy with the broader risk-off mood even as Ripple’s regulatory backdrop continues to brighten following the SEC’s decision to drop its appeal in the Ripple case.
Asian Session News Flow
The stories moving USD/JPY, AUD/JPY, Copper, Crude Oil, Hang Seng, Cardano and XRP this session
Asian Session Economic Calendar — 6 August 2026
Key releases and events shaping price action through Tokyo, Seoul and Hong Kong trading hours (local times as noted)
| Time | Event | Forecast / Detail | Impact | Market Read |
|---|---|---|---|---|
| 🇺🇸Overnight | AMD Slides Despite Record Revenue | $11.5bn revenue, +50% sales, shares -6.9% on cautious outlook | 🔴 CRITICAL | Primary driver of today’s Asia chip-sector risk-off tone |
| 🇰🇷Ongoing | SK Hynix Nextrade Flash-Crash (Second in a Week) | Shares fell as much as 30% pre-market on Nextrade venue | 🔴 CRITICAL | Dragging Kospi and regional chip names sharply lower |
| 🇳🇰Ongoing | Hang Seng Opens Lower on Chip-Sector Contagion | Index near 25,450–25,667 vs. prior close near 25,915 | 🔴 CRITICAL | Tech-led selloff spreading from Seoul and Tokyo into Hong Kong |
| 🇯🇵Ongoing | BOJ ETF-Sale-for-Tax-Cut Proposal | LDP lawmaker floats using BOJ ETF holdings to fund tax relief | 🟢 MEDIUM | Adds a longer-term crosswind to an otherwise haven-bid yen |
| 🇦🇺Ongoing | Australia June Trade Surplus Beats Forecasts | A$1.929bn surplus vs. a deficit of A$1.1bn expected | 🟢 MEDIUM | Offers little offset to AUD/JPY’s sentiment-driven slide |
| 🇮🇲Ongoing | Iran-Oman Hormuz Route Coordinates Reportedly Agreed | WTI near $75.30/bbl, holding below the $76 handle | 🟢 MEDIUM | Undercutting oil’s geopolitical risk premium into the deal news |
| 🇨🇳Ongoing | LME Copper Stocks Fall to Five-Month Low | Copper near $6.72/lb, record US-bound shipments in July | 🟢 MEDIUM | Keeps copper firm even as broader risk sentiment sours |
| ₿Ongoing | Grayscale XRP ETF Outflow Reports | ~$180M of token sales reported tied to the fund | 🟢 MEDIUM | Pressuring XRP even against an improving regulatory backdrop |
Asian Session Trade Ideas
Technical setups and fundamental context across the session’s seven key instruments
USD/JPY
Fundamental Backdrop
USD/JPY is trading near 157.40, edging modestly lower as the yen picks up a limited safe-haven bid from the chip-led equity rout sweeping Asia. That haven demand is being partly offset by an LDP lawmaker’s proposal for the Bank of Japan to sell part of its ETF holdings to help fund a domestic tax cut, alongside Fitch’s view that a more durable yen advance ultimately requires actual BOJ rate hikes rather than risk-off flows alone.
Technical Outlook
The pair is consolidating in a 157.20-157.85 band, capped by resistance near 158.20 that has held on each test this week. A confirmed break below 157.00 would open the door to the 155.60 zone, while a reversal in risk sentiment that unwinds the yen’s haven bid would risk a squeeze back toward 159.10.
AUD/JPY
Fundamental Backdrop
AUD/JPY is trading near 109.35, underperforming as the growth-sensitive Australian dollar takes the sharpest hit from the SK Hynix-led chip selloff, compounding a yen that is separately drawing its own haven bid. Australia’s June trade surplus printed well above expectations at A$1.929bn, but the beat has done little to offset the broader sentiment-driven slide.
Technical Outlook
The cross has broken below the 110 handle that had capped earlier-week declines, exposing the next support band near 108.20. A reclaim of 110.90 would neutralise the near-term bearish tilt, while a stabilisation in Asian chip stocks is the clearest catalyst for a relief bounce.
Copper
Fundamental Backdrop
Copper is trading near $6.72 a pound, one of the session’s few instruments bucking the broader risk-off tone, as London Metal Exchange warehouse stocks sit at a five-month low and record volumes of the metal continue flowing into US ports ahead of an expected decision on import tariffs. The metal’s structural demand story, tied to electrification and AI data-centre buildout, remains intact even as equities wobble.
Technical Outlook
Copper is consolidating just below record territory in a $6.66-6.76 range. A close above $6.76 would open a path toward $6.90, while a slip beneath $6.62 would risk a deeper pullback tied to broader equity-market contagion.
Crude Oil (WTI)
Fundamental Backdrop
WTI is holding near $75.30 a barrel as reports that Iran and Oman have agreed on route coordinates for a Strait of Hormuz reopening deal continue to undercut the geopolitical risk premium built into oil prices, even as a surprise build in US crude inventories adds a separate bearish supply signal. Iran has cautioned that a final agreement will be delayed for as long as US threats continue, keeping some two-way risk in play.
Technical Outlook
WTI is consolidating below the $76 handle, capped by resistance near $77.20. A confirmed Hormuz agreement would likely open a path toward $73.50, while a collapse in the talks or a fresh escalation would risk a squeeze back above $78.60.
Hang Seng
Fundamental Backdrop
The Hang Seng opened down around 1% near 25,667 — against a prior close near 25,915 — before extending losses toward an intraday low near 25,450, as profit-taking in AI and semiconductor names spread from South Korea and Japan into Hong Kong, with SMIC and other chip-linked constituents among the notable decliners. Easing US-China trade friction, following reports that businesses have collected roughly $100 billion in tariff refunds after a Supreme Court ruling, offers only a partial offset.
Technical Outlook
The index has broken below its own session open and is testing the intraday low near 25,450. A reclaim of 25,950 would ease the near-term bearish pressure, while a confirmed break of 24,700 would open the door to a deeper correction toward the index’s late-July support shelf.
Cardano (ADA)
Fundamental Backdrop
ADA is trading near $0.192, drifting lower in sympathy with the broader risk-off tone across equities and digital assets, rather than on any Cardano-specific catalyst. Longer-term sentiment among analysts remains constructive on continued on-chain activity and governance developments, but near-term price action is being dictated by the macro mood.
Technical Outlook
Price is testing the lower band of its recent $0.185-0.200 range. A close below $0.1830 would risk a slide back toward the June low near $0.138, while a reclaim of $0.200 would reopen the path toward the July highs.
XRP
Fundamental Backdrop
XRP is trading near $1.06, pressured by reports of roughly $180 million in token sales tied to Grayscale’s XRP ETF, even as the SEC’s decision to drop its appeal in the Ripple case marks a structurally positive regulatory development. For now, near-term flow headlines are dominating the longer-term structural story.
Technical Outlook
XRP is holding below its 20-day EMA near $1.084, with today’s range spanning $1.045-1.082. A break below $1.010 would expose deeper support, while a reclaim of $1.095 would neutralise the bearish setup and open a path back toward $1.13.
Asian Session FAQ
Answers to the questions traders are asking about today’s session
Why did SK Hynix flash-crash for the second time in a week?
Is the yen’s strength today a genuine safe-haven move?
Why is copper holding near record highs while equities sell off?
Why are Cardano and XRP both falling despite different underlying news?
Asian Session Summary — Thursday, 6 August 2026 (Live Update)
Thursday’s Asian session is being driven by a fresh bout of AI-valuation anxiety that began with AMD’s nearly 7% overnight slide despite record $11.5 billion revenue, and has landed hardest in South Korea, where SK Hynix shares plunged as much as 30% pre-market on the Nextrade exchange in the second such flash-crash in a week, dragging the Kospi and Japan’s Nikkei 225 lower alongside it. Hong Kong’s Hang Seng has joined the retreat, opening down near 25,667 and extending losses toward 25,450 as the chip-sector contagion spreads. In FX, USD/JPY is trading near 157.40 as the yen picks up a modest safe-haven bid, while AUD/JPY is under sharper pressure near 109.35 as the risk-sensitive Aussie bears the brunt of the selloff. Oil is broadly steady near $75.30 a barrel for WTI as Iran-Oman Hormuz deal hopes offset a surprise US crude stock build, while Copper is one of the session’s standout performers, holding near $6.72 a pound on record-low LME stocks and heavy US-bound shipments. In digital assets, Cardano near $0.192 and XRP near $1.06 are both drifting lower in sympathy with the broader risk-off tone. Highest-conviction session idea: sell Hang Seng rallies toward 25,950, targeting 24,700 — the combination of a second SK Hynix flash-crash and AMD’s cautious outlook is a powerful multi-pronged catalyst for further downside in regional tech-heavy indices, though a swift stabilisation in Asian chip stocks or fresh policy support from Beijing are genuine sources of two-way risk.
For the individual instruments: USD/JPY sell rallies toward 158.20, stop 159.10, target 155.60 — the yen’s modest safe-haven bid and lingering intervention backdrop are genuine tailwinds for further softness in the pair, though a fading of today’s risk-off mood is a real source of two-way risk. AUD/JPY sell rallies toward 110.90, stop 111.70, target 108.20 — the chip-led risk aversion is a powerful headwind for the risk-sensitive Aussie, though Australia’s stronger-than-expected trade surplus is a genuine source of two-way risk. Copper buy dips toward $6.62, stop $6.52, target $6.90 — record-low LME stocks and heavy US-bound shipments are powerful tailwinds, though a deepening of the equity selloff is a real source of two-way risk. WTI Crude Oil sell rallies toward $77.20, stop $78.60, target $73.50 — progress toward an Iran-Oman Hormuz deal is a genuine tailwind for further softness, though Iran’s warning that a final deal is contingent on halted US threats is a real source of two-way risk. Hang Seng sell rallies toward 25,950, stop 26,300, target 24,700 — the regional chip-sector contagion is a powerful headwind, though easing US-China trade friction via tariff refunds is a real source of two-way risk. Cardano buy dips toward $0.1830, stop $0.1740, target $0.2050 — the broader risk-off drag is a genuine headwind, though the move has yet to break key range support and a bounce risk is real. XRP sell rallies toward $1.095, stop $1.130, target $1.010 — Grayscale ETF outflow headlines are a genuine headwind, though the SEC’s dropped Ripple appeal is a real source of two-way risk longer term. The decisive variables for the remainder of the session are any further Nextrade-related volatility in South Korean chip names, confirmation of whether the Iran-Oman Hormuz route agreement converts into a signed deal, incoming commentary from Japanese officials on the yen and BOJ policy, and any fresh developments in Grayscale’s XRP ETF flows. Size positions accordingly, and note that today’s backdrop carries genuine event risk that could reshape sentiment sharply intraday.
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