JPY Trading Outlook (23-08-2013)
CROSSES: AUD/NZD is starting to look more interesting and we may be in for a stronger retracement towards 1.1770 (see chart). I’d prefer to wait until 1.1550 breaks before committing to a buy-dip strategy. AUD/JPY made a strong move higher yesterday but is still in consolidation mode between 86.25/90.00; I prefer the buy-dip play here but the trend is still bearish. GBP/AUD has broken back and closed below 1.7340, its break-up level, just to add some more confusion.
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