AUD/JPY Trendline Survives Third Test

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AUD/JPY Trendline Survives Third Test

By Greg Michalowski on June 23, 2009 | More Posts By Greg Michalowski | Forex News By FXDD

The AUD/JPY trendline support we have been presenting has held its third test, as the Yen received a strong bid ahead of the Nikkei open. Holding this trendline could lead to higher levels, perhaps back to the 50% retracement of the entire move from the all time high’s last summer. Lower equity and commodity prices in conjunction with rising yields and current turmoil in Iran and North Korea are helping the risk averse trades.

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