Thursday, April 16, 2009

AUDJPY: Long Entry Decision

I've been having some success calling the shots on the AUDJPY charts.

This morning we've been having a correction from yesterday's highs. While I've been hearing scuttlebutt on twitter concerning shorting the carry trades, I remain upward biased.

My view, the current drop in price is setting us up for a possible double bottom or simply a W shaped chart. Simultaneously, I do see some stochastic and RSI confirmation that this is likely.

So, I'd suggest keeping an eye on the movement. We are at or are approaching a long entry decision point.

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