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22 Apr 2015
AUD/JPY testing highs near 93
FXStreet (Mumbai) - The Australian dollar continues to outperform the Japanese yen in the Asian session, driving AUD/JPY to touch 93 handle, largely on the back of Aussie strength as markets continue to cheer upbeat Australia’s CPI figures which may ease rate-cut bets.
AUD/JPY rises on Aus CPI data
Currently, the AUD/JPY cross traded higher by 0.70% at 92.92, bouncing-off highs at 93 barrier. The cross in AUD/JPY extends gains for the second straight session and remains firmly bid this session mainly driven by solid bounce-back seen in the Aussie after slightly above estimates Australian inflation print which suggests reduced likelihood of the Reserve Bank of Australia (RBA) cutting interest rates at next month's meeting.
On the other hand, the gains in AUD/JPY remains intact as the USD/JPY pair trades dead flat having little impact on the cross. Meanwhile, markets await AUD business confidence data due tomorrow amid a data-light day ahead.
AUD/JPY Levels to consider
To the upside, the next resistance is located at 93.28 and above which it could extend gains to at 93.86 levels. To the downside immediate support might be located at 92.20 levels below that at 91.70 levels.
AUD/JPY rises on Aus CPI data
Currently, the AUD/JPY cross traded higher by 0.70% at 92.92, bouncing-off highs at 93 barrier. The cross in AUD/JPY extends gains for the second straight session and remains firmly bid this session mainly driven by solid bounce-back seen in the Aussie after slightly above estimates Australian inflation print which suggests reduced likelihood of the Reserve Bank of Australia (RBA) cutting interest rates at next month's meeting.
On the other hand, the gains in AUD/JPY remains intact as the USD/JPY pair trades dead flat having little impact on the cross. Meanwhile, markets await AUD business confidence data due tomorrow amid a data-light day ahead.
AUD/JPY Levels to consider
To the upside, the next resistance is located at 93.28 and above which it could extend gains to at 93.86 levels. To the downside immediate support might be located at 92.20 levels below that at 91.70 levels.