JPY Trading Outlook (29-05-2013)

CROSSES: AUD/JPY was the big mover yesterday, jumping from 97.00 to 99.00 before retracing (see chart). The short-term downtrend is still in control but we could easily see a re-test of 100.00 whilst the medium term bull trend is also still intact and the confirmation of strong daily support at 96.90 will have strengthened this trend.

EUR/AUD has drifted a little lower with heavily overbought technical indicators starting to unwind and AUD/NZD continues to look bearish, consolidating below its breakdown level at 1.1950.

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