AUD/JPY – On It’s Way To 100?

October 20, 2013 in Chart Alert

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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