AUDJPY - Setbacks bought. Sentiment positive

Alan Collins 3cAnalysis

A 2nd strong up-day in a row and a gain of 1 big figure was posted on the day Thursday. There is no sign that demand is ending with intraday profit taking setbacks finding fresh buying interest, but the cross is testing December’s 12 month top at 87.54, as well as last year’s peak, levels which may attract some profit taking selling.

Nonetheless, with AUDJPY tracking the upper band of a positively trending daily Keltner channel there is no sign of upside exhaustion. So I'm looking for a move through the Asian top of 87.05 to test 87.44/54 area. Intraday setbacks should be contained by 86.45 with only a loss of 85.95 turning my assessment negative.

Bullish Sentiment

This Week's Gains

Author

Alan Collins

3cAnalysis

Alan has been involved in the financial markets for more than 30-years.

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