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FOREX Technical Analysis: AUDJPY Reversal Gathers Pace

FOREX Technical Analysis: AUDJPY Reversal Gathers Pace

Jamie Saettele, CMT, Sr. Technical Strategist

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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

FOREX_Technical_Analysis_AUDJPY_Reversal_Gathers_Pace_body_gbpusd.png, FOREX Technical Analysis: AUDJPY Reversal Gathers Pace

Prepared by Jamie Saettele, CMT

AUDJPY – 60 Minute Bars

FOREX_Technical_Analysis_AUDJPY_Reversal_Gathers_Pace_body_audjpy.png, FOREX Technical Analysis: AUDJPY Reversal Gathers Pace

Prepared by Jamie Saettele, CMT

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Jamie is the author of Sentiment in the Forex Market.

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