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AUDJPY Shorts in Play as USDJPY Struggles at Resistance

AUDJPY Shorts in Play as USDJPY Struggles at Resistance

Jamie Saettele, CMT, Sr. Technical Strategist

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Keep an eye on the AUDJPY. As focused on last week, FX risk barometers are not confirming strength in equity risk barometers. A view at the separate components makes the case for a sharp decline in the cross as well. Former AUDUSD support is serving as resistance at 10475 and the USDJPY is reacting at the HUGE 7960 level. 7960 is defined by the 61.8% retracement of the decline from 8061 and the 161.8% extension of the 7790-7879 advance.

8400/80 is resistance in the event of a blow-off in the AUDJPY (I have my doubts about that however as risk seems to be rolling over now).

AUDJPY – Weekly Bars

AUDJPY_Shorts_in_Play_as_USDJPY_Struggles_at_Ressistance_body_audjpy.png, AUDJPY Shorts in Play as USDJPY Struggles at Resistance

Prepared by Jamie Saettele, CMT

USDJPY – Daily Bars

AUDJPY_Shorts_in_Play_as_USDJPY_Struggles_at_Ressistance_body_usdjpy.png, AUDJPY Shorts in Play as USDJPY Struggles at Resistance

Prepared by Jamie Saettele, CMT

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

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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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