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AUD/JPY climbs above 102.00

FXstreet.com (Barcelona) - AUD/JPY is surging back to pre-Lehamn crisis levels, last at 102.15, highest since early August 2008, on the back of continued Yen weakness since last BoJ meeting past Thursday. The cross has gapped higher from previous weekly close Friday around the 101.30 level, following the bounce from Friday's lows at 99.62, printed minutes after much worse than expected US NFP.

AUD/JPY is up +0.88 for the week so far, while it is gaining more than +13% year to date, and more than +23% since mid Nov last year when new elections were called in Japan. Current account data at 23:50 GMT is next risk event in the agenda for Japan, with a better number than previous expected. AUD/USD is more or less unchanged so far for the week, while all the move comes from the USD/JPY.

Immediate resistance to the upside for AUD/JPY shows at recent session and almost 5-year highs at 102.35, followed by Nov 17 2007 lows at 102.50, and Jul 31 2007 highs at 102.87. To the downside, closest support lies at Friday's highs 101.70, followed by Friday's Asian session highs 101.10, and Friday's lows at 99.60.

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