| Currency | Direction | Status | Entry | Stop | Target | Date | Analyst |
| GJ | Short | Active | 134.89 | 135.20 | 132.00 | 6/15/10 | Erica |
| EJ | Short | Pending | 112.16 | 112.50 | 110.00 | 6/15/10 | Erica |
| AJ | Short | Pending | 78.44 | 79.00 | 77.50 | 6/15/10 | Erica |
As the bearish market continues for the cross pairs, the GJ pair has met all of our targets in the past. We are expecting one more retest to the low before we see a correction to the upside. This retest targets 130.00 level ultimately if price action breaks the lower navy blue trendline, we can anticipate 90.00 level with a 3-6 month outlook. We will sell the rallies with this approach, and watch the hourly chart for the corrective pullback to the upside.
The AUD/JPY pair is currently in a wide consolidation zone on the weekly chart. To the left hand side you can see the trendline break in which this is anticipating more weakness. We need a break out of this lower trendline in this consolidation channel to target a lower price projection. For now, we are selling support and resistance within the channel. We expect the low of 72.00 to come into the retest mode once more before we head backup to resistance.
The EUR/JPY pair has been in a nice flowing downtrend. Still in a downtrend continuation pattern and we should the low around the 108.00 creating a “bottoming” out process. If we would break below this 108 price range we could see the 105 area being a target for the next area of support. MACD is bearish and still has room to run. We will sell the rallies from the hourly chart on this pair.
Erica Villalon, Traders International
Send any questions or comments to info@TradersInternational.com
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.
