Forex Flash: USD/JPY watches Obama/Abe talks while AUD/USD eyes RBA testimony - OCBC Bank

Emmanuel Ng of OCBC Bank notes that USD/JPY may continue to hover in recent ranges pending further official rhetoric and also the Abe/Obama meeting later this week.

However, in the interim the pair may continue to be bordered by a 92.00-95.00 band. Looking to AUD/USD he comments that the RBA governor testifies before Parliament on Friday and the pair may remain slightly unsteady amid talk of commodity market position adjustments. Ng notes that Initial supports for the pair are expected towards 1.0225 and then at 1.0200 while 1.0300 and the 200-day MA (1.0325) now serve as useful resistance levels.