07 March 2011

AUD/JPY : Weekly Rising Wedge

  • Monthly : Nothing special.
  • Weekly : Possibly in a rising wedge (ie potentially bearish).
  • Trade : 1. Sell near top of wedge at 84.71 and/or 2. Sell downside break of lower edge of wedge at 82.57. [2 preferred].
  • Currently at 83.47 [AUD/USD 1.0138 and USD/JPY at 82.33]. 
  • eg If AUD/USD stays here and USD/JPY rallies to 83.50, voila - trade entry at top of wedge.

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