Thursday, October 9, 2008

AUDJPY Technicals

I'm looking at my AUDJPY trend line.

We've seen some good movement, recovering from the recent meltdown in short order... probably due to the coordinated rate changes.

While I like the move I think we're getting to the top of our current trading channel. How we handle the reversal, assuming there is soon to be one, will set the tone of the next couple of days.

If we bounce back up on or before the lower trend line it should mean good things. Next week, of course, may be a different story.

P.S. Can't figure out where the bottom trend line is? Buy a book or something.

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