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Forex: AUD/JPY almost erases all previous loses, back above 95.00

Ahead of a busy Asian session today for Aussie with key domestic data in the form of Australia retail sales month to month at 00:30 GMT and current account, followed by RBA rate statement at 03:30 GMT, AUD/JPY has managed to erase almost all loses so far for the week, last at 95.28, a -0.22% lower. Some analyst call for a weekly close below 95 as a key signal in order to bolster the bear case, though the cross is still up +18.86% in last 6 months.

The cross bounced at a double intraday low 94.45 in late Monday's Tokyo session, then helped later on Aussie strength as US equities moved higher, finishing the day up +0.46% for SP500. Oil in the other hand bounced too from fresh 2-month lows but ended the day down by -0.80% at the NY close. Japan will also release average cash earnings data year on year at 01:30 GMT, which could add some volatility to the cross.

Immediate resistance to the upside for AUD/JPY shows at current levels as Feb 26 highs 96.30/5, followed by Friday's highs and weekly starting price at 95.50/60, and Feb 12 lows at 95.77. To the downside, closest support lies at Feb 21 lows 95.06, followed by yesterday's/Friday's lows at 94.45, and Feb 25 lows at 93.53.

Australia: AiG Performance of Services Index (Feb): 48.5

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