JPY Trading Outlook
CROSSES: AUD/NZD finally had a very strong bounce after lows near 1.1200 held yet again. Local banks reported a variety of names suddenly appearing to buy this pair yesterday suggesting that there is a lot of underlying demand near these levels. AUD/JPY is in consolidation mode but I definitely prefer the buy-dip strategy here, as long as technical support levels 90.00/50 remain intact. GBP/AUD couldn’t quite muster enough momentum to test recent highs at 1.7500 and looks like it’s started to retrace.
CROSSES: EUR/AUD has broken back above the neckline at 1.4460 and this formation is no longer relevant. Range trading is preferred here but we need some patience before settling on what the important short-term levels are. GBP/AUD has accelerated higher and the next target is trend highs at 1.7480. AUD/NZD is again testing the 1.1200 support levels and with momentum waning, buying exhaustive dips makes sense to me. AUD/JPY support should be very firm near 90.00 (see chart).
Go to Japanese Yen (JPY) Archive