Forex Trading: AUD/JPY Approaching 50% Retracement

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Forex Trading: AUD/JPY Approaching 50% Retracement

By Greg Michalowski on June 3, 2009 | More Posts By Greg Michalowski | Forex News By FXDD

The AUD/JPY pair has appreciated 23 big figures since the beginning of the calendar year and is just shy of the 50% retracement level from the all time highs last summer. It has been supported by the 21day moving average for the last few weeks and we will look for that to provide support on any pullback or retracement of the AUD, whether on a commodity price depreciation or USD bid. We will look to the 50% retracement ahead as a resistance area.

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