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Crucial levels for the Australian dollar against the YEN.

Written by Sam Coxhead on March 16th, 2012.      0 comments

3:30 PM (NZT) The AUD has maintained its recent pressure on the YEN, albeit with flagging momentum. Substantial resistance has formed at the 88.00 level just above the current market. Given the general market trend of risk aversion on Fridays, expect the pair to have difficulties breaking this resistance into the end of the week. The rapid appreciation of the AUD over the YEN seen in the last 10 weeks, has been quite surprising. Potentially the market may see some YEN demand emerge as we approach the Japanese financial year end at 31 March, and this should temper enthusiasm for further investigations higher in the short term.
 
The current interbank midrate is:                                                            AUDYEN 87.88                             
                                                               
The interbank range so far this week to date has been:                 AUDYEN 86.05 – 88.03              
 

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