Tuesday, April 24, 2012

Forex pairs to Observe--4.23.2012

Commodity dollars Vs. Jpy

Aud.Jpy failed to take out resistance around 84.68 and completed a bearish crown on the 1H that caused it to drop about a 100 pips. The good news is that the bears failed to make a new low thus far and are slowly creeping up towards that resistance level again. It is quite possible for this pair to form a flat top triangle along resistance levels and continue going back and forth until a break out occurs. If the bulls take control of this pair they’ll be after 85.20 with a fib target of 85.43. if not, expect further moves down. Nzd.Jpy is currently sitting on strong support levels. This will be a crucial area for this pair to decide which way it wants to go, if the bulls take control they’ll attempt another run at taking out the resistance around 66.57. If the bears take over, they’ll attempt to power through the upwards trend line and possibly reverse this trend. Cad.Jpy is my favorite out of the trio at the moment. This pair also completed a bear crown on the 1H and had a nice bounce up shortly after. At the moment this pair is pushing up against strong resistance levels, and if the bulls succeed to break through they will be after 83.15, 83.67 with a fib target of 84.13. If resistance levels don’t hold expect a u-turn towards the south with the bears after 80.16.

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