JPY Trading Outlook (27-11-2013)
AUD/JPY was the latest cross to jump on the bear’s bandwagon overnight, finally falling out of its short-term sideways range. The short-term trend is bearish and the next big support level is below 91.00 (see chart). AUD/NZD will again close below its previously stubborn lows at 1.1190 and risk-reward surely favours the bears near current levels. There is large optionality reported at 1.1000 and this should prove magnetic in coming days. The breather in GBP/AUD also didn’t last long and it made new highs near 1.7800.
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