Forex: AUD/JPY stalls below the 99.80 mark

FXstreet.com (Barcelona) - AUD/JPY is last at 99.62, pretty much unchanged for last 9 hours. The cross has recovered from session lows at 99.40 following worst trade deficit in Japan for the record, and now contained below the 99.67 as political uncertainties in Australia grow few months ahead of general elections in Sept as PM Gillard has been asked to call a spill from the very members of her own party.

The cross managed to fill the gap to fresh weekly lows at 97.33 printed on early Monday open following news over Europe about the Cyprus bailout. Not only filled the gap but also has pushed higher to recent weekly highs at 99.80 in NY trade, slightly below last week fresh 4.5-year highs at 99.98. AUD/JPY is last up +0.32% for the week, while Nikkei index is up +1.20% for the day, back from yesterday's bank holiday, last above record 4.5-year highs 12600 handle.

Immediate resistance to the upside for AUD/JPY shows at mentioned NY weekly highs 99.80, followed by past Thursday's 4.5-year high at 99.98, and July 01 2008 lows at 100.10. To the downside, closest support lies at current levels as March 12 highs 99.58, followed by recent session lows/Tuesday's highs at 99.48, and March 08 highs at 99.11.