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AUD/JPY technicals: Still in wedge consolidation pattern

By   || September 1, 2010 at 03:11 GMT
|| 3 comments || Add comment

audjpydailyAUD/JPY is 1.5% higher on the day but a quick look at the daily chart shows us that this pair is still roughly in the middle of a consolidative wedge pattern with parameters at 73.50 and 78.50. Having stalled at a major 61.8% level at 88.00 and then initiated a downtrend, this wedge pattern is expected to break lower rather than higher over the next few weeks. The bearish long term MAs would also suggest more downside.

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Category: All, Asia, Techs
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3 Responses to “AUD/JPY technicals: Still in wedge consolidation pattern”

  1. zekelogan on September 1st, 2010 03:42 GMT

    Hope all’s well Sean! Remind me next year to switch to weekly/monthly charts in May and enjoy my summer properly ;)

  2. Sean Lee on September 1st, 2010 03:49 GMT

    Hey Zac, don’t forget to switch to monthly charts in May!! And remind me to do exactly the same! Been a leaky few months after an excellent few weeks in April/May- I guess that’s the nature of the beast.

  3. fxgai on September 1st, 2010 03:50 GMT

    Japan’s legions of housewives will be lining up to snap up Aussie bucks in the low 70′s. Through August they’ve been buying according to TFX data. (http://www.tfx.co.jp/mkinfo/document/fx_sellbuy.xls)
    From a fundamental POV I favour the upside myself, unless things in the US get really shocking or China has a meltdown. Both entirely possible of course.

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