trend of the day

After gold reached an all time high inter-day at $1,084/ounce, AUD/JPY started to move higher from the once month lows at 79.45 to 82.41 currently. Aussie Yen should be able to retake the 85.00 handle in the coming days as risk appetite, rising commodity prices and anti-dollar sentiment all are winds at the back of this pair. 85.30 is the October 23rd high. the next level of daily resistance is at the

September 2008 high of 90.24 and the August 2008 high of 94.91 which is the measuring objective from the previous channel breakout.

As usual, we use the daily chart to identify the directional bias of a currency pair and then move to a lower time frame, like the 4-hour chart, to pinpoint a good risk/reward entry in the direction of the daily trend. 

Happy Trading!

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