AUDJPY Sticks To The Support Pattern

February 3, 2013 in Chart Alert

AUDJPY weekly chart - 5 week EMA supportAUD/JPY has been finding support near 5-week EMA for past 15 weeks. The support pattern continued last week also.

There was some loss of momentum in the upward movement during the previous 2 weeks because of the psychological level of 95.00. Once the currency pair broke that psychological resistance, the upward momentum gathered pace again during last week. The way AUD/JPY is moving, it seems that the pair is set to test a much bigger psychological by hitting the century  i.e. targeting 100.00.

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