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Forex: AUD/JPY exchanging above 94.00

By FXstreet.com,  January 10, 2013, 06:38:00 PM EDT

FXstreet.com (San Francisco) - AUD/JPY is also a beneficiary of the latest risk rally seen throughout the marketplace, as the JPY and USD are significantly weaker. Spot has rallied sharply above the 92.80 roof (set January 7) and has gained to 94.33 in early Asia, its strongest level since August 2008. If the bullish pressure continues, there may be scope for the pair to run more than 100 pips to 96.50 (78.6% Fibo, Oct 2007 peak/Oct 2008 trough).

Japan's current account balance figures for November are on offer today in Asia, as well as China's release of consumer and producer prices. AUD/JPY is relatively unchanged so far today and last exchanges at 94.15, poised to record a 2% weekly advance at current levels.




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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