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Forex: AUD/USD, support at 1.0250 well protected

The AUD/USD continues to show heavy price action, having recently printed a marginal new trend low just below 1.0250, reinforcing the idea that sellers remain committed to drag the spot rate lower.

From a lower timeframe perspective, it is interesting to see how there has been two shy attempts to penetrate the 1.0250, in both cases greeted with strongly rejections, the first impulsive bounce reaching 1.0266, while the subsequent fall to new lows at 1.0247 producing yet another rebound - this time more corrective in nature - to new session highs at 1.0272.

The double rejection suggests there are still some deep-pocket participants protecting the 1.0245/50 area, which aligns with a sequence of lows from early April 2012. As Sean Lee, founder at FXWW, notes: "Even if the first one gets breached during Asian trade, there is another barrier and asset manager bids near 1.0200, so the grind lower is likely to be slow."

Forex Flash: BoJ to leave policy unchanged; selling interest on Yen to stay - Nomura

Nomura expects the BOJ to leave policy unchanged at the meeting this week (13-14), notes Yujiro Goto, strategist at Nomura. The BOJ is expected to upgrade its economic assessment, he adds.
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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%.
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