JPY Trading Outlook (24-04-2013)
CROSSES: AUD/JPY is still looking technically quite bearish whilst below 103.00 after a short-term double top formed at a 61.8% retracement level (see chart). The longer-term trend is bullish so bears need to pick their entry levels carefully and keep stops relatively tight in case the bull trend re-emerges.
EUR/AUD broke above recent resistance levels but failed to consolidate those gains and has slipped back to mid-range levels (see chart). I still am sticking with my preferred buy-dip strategy here.
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