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AUD/JPY – On It’s Way To 100?

October 20, 2013 12:45 am GMT+0  in Chart Alert

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AUD/JPY’s strong uptrend from 74.47 to 105.43 had to have some consolidation. Such a big upward move would naturally call for a 61.8% retracement. Can we say that the correction or consolidation is over and the pair should now hit the century again?

AUD/JPY after 61.8% retracement

AUD/JPY - completion of retracement

The break over 94.44 suggests that the pair should be able to overcome the psychological resistance of 95.00 soon. If that happens then it should target 100.00 in the coming days.

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Himanshu, by qualification a mechanical engineer with diversified experience of working in Europe and Asia Pacific, has been trading in Forex market for close to a decade. Himanshu also runs one of the fastest growing Forex portal ForexAbode.com which provides free Forex trading analysis, forecast & strategies, free trading tools, education, Forex Blogs and Forex Forum and contributes the analysis to financial and Forex websites like SeekingAlpha.com, MarketOracle.co.uk, ForexStreet.net, CountingPips.com, International Business Times and some more. Contact details: You may please leave your suggestions, comments or complaints using the comment form or write to us using the Contact Us page. You may also connect the author on Google at +Himanshu Jain

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