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Forex: AUD/JPY stalls ahead of fresh 4-year highs below 97.00

AUD/JPY is currently at 96.66 off recent session and fresh 4-year highs at 96.81, 7 pips higher than previous Friday's highs, and about flat for the session, recovering from session lows at 96.38. The cross has gained so far for the new year 2013 more than +7% while +16% since mid Nov last year.

AUD/JPY has printed fresh 4-year highs on continued Yen weakness, again weakest currency among majors for last trading days, while Aussie has enjoyed a limited bid tone since session started, despite bad domestic data on building approvals and jobs ads, slowing the selling off started 2 weeks ago.

Immediate resistance to the upside for AUD/JPY shows at recent fresh 4-year highs 96.81, followed by Aug 11 2008 lows at 96.92, and Aug 27 2007 highs at 97.03. To the downside, closest support lies at recent session lows 96.35, followed by Friday's Asian session highs at 96.01, and Friday's lows/Wednesday's highs at 95.40.

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