There has been talk of a barrier at this level and Reuters recorded a high of 88.00 in the Far East this morning.
Whether the barrier is intact or not i don’t actually know, but it does seem to be a stumbling block at the moment.
Japanese trust banks and Aussie exporters have been the main driving force behind the strong rally this week and the move has been strengthened by Westpac’s announcement of a Y114 bln issuance of samurai bonds
There are buy stops in place on a break of 88.10 ahead of tech resistance at 88.50/55 ( May 3 highs) before some clear blue water to 89.30
AUD/JPY’s sitting at 87.88
