AUD/JPY: May Reach As Far As 9590/95 Today
Jason Sen | Sep 30, 2014 01:56AM ET
AUD/JPY in a strong 3 week bear trend but has bounced aggressively off 9510/08 in the past 2 sessions. We could reach as far as strong resistance at 9590/95 today. Exit longs and try shorts with stops above 9615. An unexpected break higher however sees 9595/90 act as support for a move towards 9640/50. Again exit longs and try shorts with stops above 9670.
There is a good chance we will be unable to beat 9590 keeping the outlook negative for a return to last week's low at 9540/35. A break below the 2 day low at 9510/08 should trigger stops in the market and targets important key weekly support at 9470/65. It is possible we see a low for the week here, despite the strong bear trend. Exit shorts and try longs with stops below 9430.
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