JPY Trading Outlook (31-10-2013)
These markets are unbelievably choppy with bursts of volatility but no sign of a trend to rely on and even the ranges are unreliable. AUD/NZD is back below 1.1500 and threatening to squeeze all the longs that’ve been building over the last few weeks. The RBNZ statement might even drive out a few more longs. AUD/JPY constantly gravitates towards 93.00 and momentum has swung to neutral from bullish. EUR/AUD should encounter stiff resistance near 1.4560 (see chart).
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