JPY Trading Outlook (09-08-2013)
CROSSES: Lots of interest in the crosses with bottoming patterns emerging for the AUD. EUR/AUD is trying to form a Head and Shoulders reversal formation (see chart) and the big level to watch now is near 1.4750. AUD/JPY is also interesting; an attempt to form a double-bottom at 87.20 failed but Fibo support at 86.25 was untested. There is now massive resistance at 89.00/30. Play the edges of this range. AUD/NZD has recovered some recent losses but is still in a 1.12/1.15 holding pattern.
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