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Forex: AUD/JPY dealing with its double weekly high below 93

By FXstreet.com,  January 09, 2013, 09:42:00 PM EDT

FXstreet.com (Barcelona) - AUD/JPY is currently pushing above Monday's highs at 92.87, last at 92.88, off fresh weekly highs at 92.93, highest level seen in this cross since Aug 2008, mainly on Aussie strength following better than expected China trade balance figures. The cross has resumed the bounce started at the double weekly low from Tues/Wed at 91.20, up so far +0.57% for the week.

China exports have surprised to the upside with a +14% increase for the month of Dec on a yearly basis, when most optimistic figure was around the +4% level, while trade balance has totaled $31.6B when $20B were expected. AUD has strengthen across the board with the data, and local share markets also soaring, Nikkei index +0.98%, and Hang-Seng +1.11%, along with SP500 futures now at session highs.

Immediate resistance to the upside for AUD/JPY shows at recent session highs as Nov 2007/Aug 13 2008 lows 92.90/5, followed by Jan 05 2007 highs at 94.98, and Dec 25 2006 highs at 95.77. To the downside, nearest term support lies at Tuesday's highs 92.26, followed by Monday's lows at 91.75, and Tuesday's double weekly low at 91.20.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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