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USD/JPY Technical Analysis
The US dollar has fallen against the Japanese yen. This might be more of a risk appetite trade here, but we are hanging around this crucial 145 yen level. If we can bounce from here, the 50 day EMA is your first major resistance barrier, and then we could go looking towards the 148 yen level. We are still in the middle of a bottoming pattern from what I can see, and this is generally a very messy affair, especially against the Japanese yen. Even if we do break down from here, I’m not really looking to short this pair. I don’t want to pay the interest rate differential at the end of every night. And quite frankly, I suspect this is a short term pullback at best.
AUD/USD Technical Analysis
The Australian dollar has rallied against the dollar basically for the same reasons that the euro has, I suspect. We are sitting right here in the same consolidation. So really not that much has changed. Although as things stand heading into New York trading, it’s a reasonably strong candlestick, but it’s not as strong as one of them that we had last week, for example. So again, I don’t know that anything’s changed quite yet. We’ll have to see. But if we can break above the 0.65 level, then you have to start looking at the Australian dollar as something worth buying.
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