JPY Trading Outlook (12-08-2013)

CROSSES: Lots of interest in the crosses with bottoming patterns emerging for the AUD. EUR/AUD has formed a Head and Shoulders reversal formation (see chart) and the next support level is to be found near 1.4350. AUD/JPY has also bounced after just failing to test major Fibo support at 86.25 but will run into strong technical resistance at prior lows near 89.00/30 (see chart). AUD/NZD has found an interim base at 1.1200 and next resistance levels around 1.1550.

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