AUD/JPY: Current 82.89 (Sunday, March 14, 2010). 

Trend: Slow uptrend.

Please refer daily charts and not short-term charts e.g. hourly charts.

The Australian dollar strengthened for a second consecutive week as the expectations are that the accelerating growth may lead to further increase in interest rates.

Analysis: Last week we had mentioned: “The currency pair should move upwards to 82.80 in coming days but should face resistance at that level. If that resistance is broken then we would expect a move towards 84.00”. We still maintain that stand.  We expect AUD/USD to move up to 84.40 in the coming days. But we do not expect any strong uptrend in the mid-term. We would only be taking short-term positions for AUD/JPY as we expect a downward movement in coming days/weeks.

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For short term trades, please refer to daily technical analysis for AUD/JPY.