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Yen Crosses Technically Constructive ahead of Bank of Japan

Yen Crosses Technically Constructive ahead of Bank of Japan

Jamie Saettele, CMT, Sr. Technical Strategist

Australian Dollar / Japanese Yen

Daily Bars

Yen_Crosses_Technically_Constructive_ahead_of_Bank_of_Japan_body_audjpy.png, Yen Crosses Technically Constructive ahead of Bank of Japan

Prepared by Jamie Saettele, CMT

The AUDJPY has that head and shoulders look but has yet to break support and confirm the pattern. As long as upport from former lows and the 38.2% retracement of the rally from 7445 is holds then look higher towards the 9/28 high at 8126 and the 61.8% retracement of the decline from 8293 at 8180. A break of the July and September lows would be significant and shift focus to 7793 and 7564.

Euro / Japanese Yen

Daily Bars

Yen_Crosses_Technically_Constructive_ahead_of_Bank_of_Japan_body_eurjpy.png, Yen Crosses Technically Constructive ahead of Bank of Japan

Prepared by Jamie Saettele, CMT

The EURJPY is pressing against the 61.8% retracement of the decline from 10385. The combination of this level and stretched intraday studies make the level high risk in the near term for bulls. By the same token, the momentum profile is bullish on dips against 9962 with support at 10170. A break above 10384 targets Fibonacci confluences at 10461 and 10546/50.

--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com

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

To be added to Jamie’s e-mail distribution list, send an e-mail with subject line "Distribution List" to jsaettele@dailyfx.com

Jamie is the author of Sentiment in the Forex Market.

Meet the DailyFX team in Las Vegas at the annual FXCM Traders Expo, November 2-4, 2012 at the Rio All Suite Hotel & Casino. For additional information regarding the schedule, workshops and accommodations, visit the FXCM Trading Expo website.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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