Tuesday, October 13, 2009

AUDJPY: Possible Bull Flag

My last post focused on a short term channel.

This time I'm looking at a longer term trend -- though still on the 1hr AUDJPY chart. This one looks like it might be a bull flag.

It's always hard to tell. However, with future interest rate hikes expected, it's likely we'll continue our upward movement if signs of an Australian recovery remain strong.

Here's the chart:

Play safe.

UPDATE: It's 7:00am the next morning... and our chart now looks like this:

Any other AUDJPY traders out there? If we pull back near the top of the possible bull flag channel that would potentially be a good entry point. I'd expect a bounce off of 82.00 as it's a recent and long term high as well as a psychological point.

UPDATE: Pennant? Flag? It's still bull... ;)

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