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12 Feb 2014
AUD/JPY threatens 93.00 offers on 'eye popping' China trade data
FXStreet (Bali) - The combination of a much better-than-expected Chinese trade balance and the bullish momentum in the Aussie has led to a 40 pips pop in the exchange rate, from 92.50 up towards 92.90 ahead of 93.00 solid offers.
The ability for the Aussie to be holding most of its gains post the China-induced spike is a reflection of the change in sentiment towards the Aussie, as the market continues to shift its focus to buy dips with high degree of confidence.
Should the AUD/JPY clear 93.00 offers, the chances are that the exchange rate may re-establish its old Jan 2014 1 cent range from 93.00 to 94.00. Improved risk sentiment is certainly supportive of such upside scenario at present.
The ability for the Aussie to be holding most of its gains post the China-induced spike is a reflection of the change in sentiment towards the Aussie, as the market continues to shift its focus to buy dips with high degree of confidence.
Should the AUD/JPY clear 93.00 offers, the chances are that the exchange rate may re-establish its old Jan 2014 1 cent range from 93.00 to 94.00. Improved risk sentiment is certainly supportive of such upside scenario at present.