Aussie Yen hits resistance

January 27, 2012

FOREX

Just a short note for the trading orientated.

Notwithstanding my thoughts that the Dollar Yen is in the process of turning and the impact that has/should have on the Aussie Yen rate you can see in the charts below that Aussie Yen hit the top of its recent downtrend. Which had held.

What’s significant with this is the candlestick on Aussie against the US Dollar which suggests last nights move just below 1.07 might presage a pullback towards 1.0450/1.0500 region.

For Aussie Yen specifically the key level topside is a close above the 82.80/83.00 zone. Support back toward 81.00.

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Please remember these are not recommendations for you to trade these are my views and I have my risk management tools and risk parameters that you do not have access to. Thus, this blog is for information only and does not constitute advice. Neither Greg McKenna nor Lighthouse Securities has taken your personal circumstances, objectives or financial situation into account. Because of this you should, before acting on this information, consider its appropriateness, having regard to your objectives, financial situation

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3 Comments on “Aussie Yen hits resistance”

  1. urban daydreams (@ontheturps) Says:

    I think there is enough momentum to see AUD hit the all time high of 1.1080 odd…a break higher in AUDJPY above that trendline may be just the catalyst

    Reply

    • lighthousesecurities Says:

      Its still nicely in an uptrend based on my bolly band trading model and would need to close below 1.0518 to sinal a deeper move and only a close below 1.0380/1.0400 would turn the outlook. MACD though does suggest some sort of consolidation I reckon.

      But you do have the hot hand at the moment 🙂

      Reply

Trackbacks/Pingbacks

  1. Aussie Yen – pulling back toward support | Lighthouse Securities - January 30, 2012

    […] week I posted saying that Aussie Yen had hit support and that it was time for it to pullback towards […]

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