JPY Trading Outlook (25-11-2013)
All of the action has been on the crosses. GBP/AUD has made fresh trend highs and is in a strong bull trend. Chasing it higher is certainly dangerous but playing this cross from the long side is the obvious directional trade. EUR/AUD has made progress as well but still needs to get above 1.50 in order to increase bullish momentum. AUD/NZD broke below 1.1190 on Friday night but the failure to close below does indicate that the bears don’t have it all their own way (best sit this one out for a while until the signals are clearer).
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