FX News – November 29: USD/JPY Breaks 102.50 Barrier

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And just like that, the USD/JPY pair broke past the 102.50 barrier today.

On the data side, Japan showed promising CPI figures, as its National CPI (NCPI) was up by 1.1% over the past 12 months in October (previous was also 1.1%), its NCPI Ex Food & Energy was up by 0.3%, and the NCPI Ex Fresh Food was up by 0.9% over the same period. In addition, the Tokyo CPI was also up by 0.9% over the past 12 months in October. On the other hand, Industrial Production was lower than expected on a MoM basis as it came out at 0.5% instead of 2.0%, while it was up by 4.7% over the past 12 months.

More Japanese data will come out later (4-5AM GMT), including Vehicle Production, Construction Orders, and Housing Starts.

The USD/JPY pair has peaked at 102.61 so far today, and is currently trading at 102.53. Initial resistance for the pair is at 102.56, followed by 102.81. Meanwhile, initial support is at 102.10, followed by 101.85.

After recovering slightly with yesterday’s positive Capex data, the AUD/USD pair slid again in today's session and returned to the sub-0.9100 zone.

On the data side, Australia posted its Private Sector Credit figures (0.3% & 3.5% for October on a MoM & YoY basis, respectively). Meanwhile, its money supply was up by 6.6% in October over the past 12 months.

On the RBA side, there are analysts who say that they do not expect the RBA to change its cash rate when it meets on 3 December. The current rate is at 2.5%. Instead, they said they expect it to remain at that level until the first half of 2015, when rate hikes will begin.

The AUD/USD pair sunk to a low of 0.9055 in today's session, but is currently trading at 0.9071, with initial resistance seen at 0.9172, followed by 0.9195. Meanwhile, initial support is at 0.9095, followed by 0.9072.

By FX Strategy Team, Published on 29th of November 2013
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