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23 Apr 2014
Looking to go long AUD/JPY - 2ndSkies
FXStreet (Bali) - Chris Capre, Founder at 2ndSkies, notes a breakout structure in AUD/JPY price action, which has raised his interest to go long the pair.
Key Quotes
"Posting an impressive 10 day bull run in late March this year, the AUDJPY has been relatively tame, forming a corrective structure following the impulsive price action. Typically this intimates another impulsive move in the direction of the original move (upward)."
"There is also a breakout structure forming to support this view via the chart below. I'll look to get long on a breakout above 96.15, or a corrective pullback to the dynamic support and daily 20 EMA (~95.25). Upside targets will be 96.95, and for a larger move higher towards 99.30, which is April 2013 range lows."
Key Quotes
"Posting an impressive 10 day bull run in late March this year, the AUDJPY has been relatively tame, forming a corrective structure following the impulsive price action. Typically this intimates another impulsive move in the direction of the original move (upward)."
"There is also a breakout structure forming to support this view via the chart below. I'll look to get long on a breakout above 96.15, or a corrective pullback to the dynamic support and daily 20 EMA (~95.25). Upside targets will be 96.95, and for a larger move higher towards 99.30, which is April 2013 range lows."