Forex: AUD/JPY climbs to another 2013 new high shy of 98.00

AUD/JPY is currently at 97.66, off recent fresh 4-year highs at 97.73, printed on the back of Yen weakness, as Yen is again the weakest currency among majors for last 2 days. The cross is not that higher though for the session, barely above previous NY session high levels, since Aussie has been sold following China trade balance data, seen huge decrease in Chinese imports, which is not positive for Australia.

AUD/JPY is highest since Aug 2008, with Aussie at 1.0247 USD, off session lows, and USD/JPY at 95.37, off fresh 3-year highs. RSI 14 in the weekly chart shows an extreme overbought lecture at 77, highest since July 2007, with a small bearish divergence with previous peak at RSI 81 back on early February. Nikkei index is flying above the 12200 points mark, up +2.25% for the day, printing fresh highs since Sept 2008.

Immediate resistance to the upside for AUD/JPY shows at May 2007 lows 98.50, followed by Dec 2007 highs/July 2007 lows at 100, while to the downside, closest support lies at Feb 25 highs 97.50, followed by yesterday's lows at 96.00.