Westpac - Too early to call a top in AUD/JPY

Westpac - "While AUD has looked tired on some crosses lately, USD/JPY resilience suggests it is too early to call a top in AUD/JPY. Potential investor disappointment over the BoJ meeting mid-Feb could see a pullback to 93.00/50 but then the pair should resume its upswing towards 96.50/97.00. By H2 2013 however, the pair is likely to be considerably lower, mostly due to USD/JPY reversal.
(...) AUD/JPY has left behind all major moving averages. Potential technical resistance lies at 96.45 (Jan 2007 high) but then not much of note until 99-100.
(...)Given the speed of the rally, AUD/JPY support is minor until 92.50/75 and 91.15."

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Tags: AUD/JPY, AUDJPY, USD/JPY, USDJPY, Westpac

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