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Forex: AUD/JPY holding above 98 on the back of Yen weakness

AUD/JPY is last at 98.38, around session highs, little changed from previous weekly close Friday, and off initial session lows at 97.92, mostly helped on Yen weakness. “AUD/JPY broke above daily resistance at 97.50 and further gains now look very likely,” says FXWW founder Sean Lee.

Following worst Japan core machinery orders data since July recently released, and BoJ candidate Kuroda speaking to parliament yet again promising new policy easing measures, USD/JPY is near session highs last at 96.19, while Nikkei index kisses the 11400 points mark, highest since Aug 2008. AUD/JPY is also off fresh highs since Aug 2008 printed Friday post US NFP data, much better than expected.

Immediate resistance to the upside for AUD/JPY shows at recent session highs 98.40, followed by Friday's fresh 4.5-year highs at 99.12, and Oct 26 2010 lows at 99.34. To the downside, nearest term support lies at recent session lows 97.92, followed by Friday's NY session lows/Thursday's highs at 97.65, and Feb 25 highs at 97.50.

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