17 Oct 2013
AUD/JPY right on the verge of a breakout – or a failure at resistance; 94.45 is the level to watch
FXstreet.com (Barcelona) - AUD/JPY is reflecting big money’s belief that the next 5% - 10% move in risk assets is going to be higher.
AUD/JPY traders monitoring the House of Representatives
The AUD/JPY is pulling back off of one Elliott Wave projection at 94.45 despite the apparent resolution to the agonizing dispute in Washington. That pullback may or may not continue as the minutes and hours pass. The intuitive trade is for the “risk on” trend to continue and maybe even pick up speed.
Technical outlook for AUD/JPY
Technicians say AUD/JPY would have upside potential to 96 and points beyond if it can take out 94.45 resistance. On the other hand, if resistance holds up for the time being, a pullback to at least 92.54.
AUD/JPY traders monitoring the House of Representatives
The AUD/JPY is pulling back off of one Elliott Wave projection at 94.45 despite the apparent resolution to the agonizing dispute in Washington. That pullback may or may not continue as the minutes and hours pass. The intuitive trade is for the “risk on” trend to continue and maybe even pick up speed.
Technical outlook for AUD/JPY
Technicians say AUD/JPY would have upside potential to 96 and points beyond if it can take out 94.45 resistance. On the other hand, if resistance holds up for the time being, a pullback to at least 92.54.