Press Release: FOREX Technical Analysis: AUDJPY Reversal Gathers Pace

Short term trading in AUDJPY reveals that the decline probably has further to run. The 8150s is of particular interest.

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FOREX Trading and Technical Analysis Observations

-GBPUSD-has failed to extend gains from Thursday’s GDP print. I maintain that “the advance presents an opportunity to sell against the early month high of 16228. One may be able to get a better entry than the current market with estimated resistance at 16157 and 16227.” A plethora of US data next week suggests an active week of trading.

-AUDJPY-The short from yesterday is working so far and near term developments increase confidence in the bearish trading bias. Developments include overlap with recent highs and impulsive weakness from the high. I’m looking lower towards 8150 (as mentioned last night on Twitter @JamieSaettele).

GBPUSD – Daily Bars

Prepared by Jamie Saettele, CMT

AUDJPY – 60 Minute Bars

Prepared by Jamie Saettele, CMT

To contact Jamie e-mail jsaettele@dailyfx.com. Follow me on Twitter for real time updates @JamieSaettele

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Jamie is the author of Sentiment in the Forex Market.

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This article was provided by DailyFX.com.