JPY Trading Outlook (23-05-2013)
CROSSES: EUR/AUD was the main mover in early European trade when one large global macro fund put through a massive buy order, driving the pair from 1.3200 to 1.3300. The daily close above previously important resistance gives this pair a very bullish look (see chart). AUD/NZD remains uninspiring as it trades sideways near 1.2000 but a significant break is inevitable (probably lower unless a base can form above 1.1950). AUD/JPY is still trading in a sideways wedge formation.
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