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28 Mar 2013
Forex: AUD/JPY remains above 98.00
FXstreet.com (Córdoba) - The AUD/JPY remains sideways trading near multi-year highs and above 98.00. On Wednesday closed lower, erasing Tuesday's gains. The Aussie started the Asian session holding above 99.00, weakened on European hours and bottomed at 97.96 after Wall Street opening bell. It traded below 98.00 just a few minutes as it rebounded to 98.50.
It was the third time since March 8 that the AUD/JPY reached momentarily levels under 98.00 but once again it was rejected. The pair remains moving sideways with support at 98.00 and resistance at 99.40 and 99.99, currently holding a bearish bias in the short term.
The Yen was among the best performers on Wednesday while the Aussie lost ground across the board as investors took profits on the recent rally and bought safe-haven assets.
It was the third time since March 8 that the AUD/JPY reached momentarily levels under 98.00 but once again it was rejected. The pair remains moving sideways with support at 98.00 and resistance at 99.40 and 99.99, currently holding a bearish bias in the short term.
The Yen was among the best performers on Wednesday while the Aussie lost ground across the board as investors took profits on the recent rally and bought safe-haven assets.