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Forex: AUD/JPY breaks above 96.50 purely on Yen weakness

AUD/JPY is last at 96.75, off recent double intraday high at 96.88, printed on the back of Yen weakness. The cross is up +1.23% for the week so far, even though Aussie fell to a fresh 3-month low against USD at 1.0250 in early Asian trade. Instead, USD/JPY broke thru new 4-year highs above 94.40, while Nikkei index opened above 11400 up +2.36%.

Since latest NAB business confidence has been released 3 hours ago, Aussie has enjoyed some new bids, lifting the pair to fresh session highs against USD at 1.0273, which has benefited the AUD/JPY cross, that now stalls ahead of the 97.00 handle. While this whole week Chinese markets will be closed over holiday, main risk event for the Yen will come Thursday with next BoJ monetary policy meeting, given huge expectations risen around it as of late.

Immediate resistance to the upside for AUD/JPY shows at recent session/weekly highs 96.88, followed by Feb 04/07 highs at 97.06, and Feb 06 fresh 4-year highs at 97.45. To the downside, nearest term support lies at Friday's lows 96.48, followed by Wednesday's lows at 96.10, and Thursday's lows at 95.81.

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