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AUD/JPY: Longs shaken out after Aus data

FXStreet (Bali) - Following the parabolic move from Friday, and having built up on those gains, if only marginally, last Monday, the AUD/JPY is paring back some ground following mixed Australian economic data.

Australia saw retail sales for Sept coming above expectations, while trade balance was softer-than-expected, while employment revisions came mixed, with Sept employment revised to -23.7k, from -29.7k, while the unemployment rate was revised to 6.2 pct vs 6.1 pct.

It is worth mentioning that since the Boj QQE2/GPIF asset re-allocation announcement, price had been disturbed to the extreme that technicals could have been temporarily thrown out of the window, with relentless buying hysteria taking over as main fear was on missing the Yen short plays. Sooner or later, the former being perhaps more likely, given the 'eye popping' 7 big figures AUD/JPY has run since finding a bottom at 91.0 on Oct 16, the pair is due for a sharp correction, which should find plenty of grateful buyers, with first key support circa 97.70 ahead of 96.60, while on the upside, looks like 100.00 is going to be the next big target for AUD bulls.

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