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Forex: AUD/JPY pushes again above 104 highs post China trade deficit

FXstreet.com (Barcelona) - Following just published Chinese trade deficit of -0.88B, which came in the back of higher imports than exports, which benefits Australian economy, AUD/USD has spiked higher breaking above the 1.05 handle, thus pushing AUD/JPY cross higher as well on Aussie strength to fresh session highs above 104.20.

AUD/JPY is last at 104.15, off mentioned highs, still below late NY session highs at 104.35, highest since July 2008, at pre-Lehman crisis levels, due to continued Yen weakness in last weeks. The cross is up more than +2% for the week so far, while almost +17% year to date, and +26% in last 6 months. Nikkei index is up +0.87% for the day so far, while Australian ASX index is slightly in the red down -0.2%.

Immediate resistance to the upside for AUD/JPY shows at mentioned NY session highs 104.35, followed by July 2008 highs at 104.45, and Oct 10 2007 lows at 105.00. To the downside, closest support levels lie at recent session lows/yesterday's Asia-Pacific highs 103.70, followed by yesterday's lows at 102.85, and Monday's Asian session highs at 102.40.

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