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18 Mar 2015
AUD/JPY to retest 88/90 in coming weeks - Westpac
FXStreet (Bali) - David Coloretti, FX Technical Analyst at Westpac, expects AUD/JPY to retest 88/90 area in the coming weeks.
Key Quotes
AUDJPY has produced a reasonable retracement, since bottoming out in early February. We remain confident that this is a retracement and has in no way impacted the dominant
MT downtrend."
"Recent highs were unable to break above the 100 week MA. This MA has a pivotal history. Below the 100 week MA, the MT downtrend remains in play."
"MT momentum (weekly RSI) broke below a LT trend line in January 2015, highlighting a negative MT trend change. The recent bounce has been unable to break back above this trend
line, thus confirming the ongoing MT downtrend."
"88/90 is likely to be retested in the coming weeks."
Key Quotes
AUDJPY has produced a reasonable retracement, since bottoming out in early February. We remain confident that this is a retracement and has in no way impacted the dominant
MT downtrend."
"Recent highs were unable to break above the 100 week MA. This MA has a pivotal history. Below the 100 week MA, the MT downtrend remains in play."
"MT momentum (weekly RSI) broke below a LT trend line in January 2015, highlighting a negative MT trend change. The recent bounce has been unable to break back above this trend
line, thus confirming the ongoing MT downtrend."
"88/90 is likely to be retested in the coming weeks."