Forex: AUD/JPY multi-year highs capped below 93

FXstreet.com (San Francisco) - AUDJPY hit a 52-month high as it trades an intraday range of 92.14/92.82 this Monday in Asia, and now sits unchanged around 92.30. The economic calendar is thin with data today, so price action will largely be mute, driven primarily by regional bourses and sentiment. 91.72 (50-hr EMA) is offered as immediate support. A slip below there could open scope for test of the 90.00 psychological figure. Bullish targets are noted at 93.00 (Aug 2008 low) then 93.62 (Jan 31, 2008 low) and 94.15 (Feb 7, 2008 low).

According to Chris Tedder, Market Strategist at FOREX.com, AUDJPY has repeatedly bounced of a key technical level around 91.7 over the last few days. "This creates the possibility for a short-term retracement but the pair still looks strong in the long-term, underpinned by JPY weakness," the strategist comments.