JPY Trading Outlook
CROSSES: AUD/NZD remains stuck in neutral near 1.2000 but the longer it spends down here, the more likely we are to see the dominant downtrend reassert itself. AUD/JPY is also in range trading mode with parameters at 99.50/102.00. AUD/CAD should now be watched more carefully for signs of an interim basing formation. EUR/AUD still has been unable to regain the 1.3200 level and this looks like the pivotal level for further short-term directions.
CROSSES: EUR/AUD has failed to consolidate its break above important technical resistance near 1.3200 (see chart) and we could see a bout of profit taking emerge, so watch this pair closely.
AUD/NZD is trying to form a double-bottom near 1.1950 and AUD/JPY is still consolidating in a wedge pattern (see chart).
CROSSES: EUR/AUD has failed to consolidate its break above important technical resistance near 1.3200 (see chart) and we could see a bout of profit taking emerge, so watch this pair closely.
AUD/NZD is trying to form a double-bottom near 1.1950 and AUD/JPY is still consolidating in a wedge pattern (see chart).
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