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My Home About Me The Essentials The blog is written by John Forman, author of The Essentials of Trading. It contains his thoughts on trading and the markets. Want To See Aud/jpy Pull-back To Set Up A Buy Posted on 01/09/2007 06:27 AM | Link | Post Comment I'm keeping my eye on AUD/JPY right now. The cross has a very strong tendency to finish January higher (see Opportunities in Forex Calendar Trading Patterns), so I'm watching for good buying opportunities. One might be forming right now. Take a look at what's building on the 3 hour chart below. You can see the big drop that the market suffered last week thanks to a bout of strength in the Yen. A decent bounce has taken place in the last day or so. Notice that the Bollinger Bands have narrowed down from a rather wide situation. They are, in fact, starting to widen out just a touch thanks to the rally we have seen of late. Here's what I'm looking for. I want to see the cross pull back toward the 92.60 or 92.70 level. If is does so and it looks likely to bounce from that area, I would want to be a buyer in anticipation of a move significantly higher. A fairly low pip risk position could be put on with an upside to probably 94 in the near term. Note: This analysis is taken from daily commentary provide free to members of The Essentials of Trading Club. << My Home | The FX Markets Blog Home

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