Weekly
Latest model of candlesticks: morning star hour of training: February 2009 trend bias: SidewaysDaily
Latest model of candlesticks: Hammer of training time: 01 January 2011 trend bias: SidewaysAUD/JPY - 89.16
Well that the currency pair withdrew after the first rally to 90.00 as renewed buying emerged to 86,00 as expected last week (we recommended buying 86.50) and aussie bounced from there, adding credence to our optimistic point of view and indicated target for 88.50 met yesterday with (200 points profit). This rebound early 86.00 signals the withdrawal of 90.00 end and upmove took these should resume to retest of 90.00, break it would extend 91.00 gain and then 92.00, believe however, upside would be limited to 93.70/75 (projection of 50% of 74 52-90, 00 measuring of 86,00).
Disadvantage, while the withdrawal of 88.00 cannot be ruled out, believe Tenkan-Sen (now at 87.69) would take and make such increases above upside target. Just below this low week at 87.20 would be Bull reporter and extend the consolidation but it is necessary to see that a breach of that support to 86,00 (last week) bass could be tracing the recent upmove in the Kijun-Sen (now at the 85.69), and then to 85.00 but feel 84,09 (38.2% Fibonacci 90.00 74.52 tracing) would limit the inconvenience, bring another rally later.
Recommendation: Long Position entered the 86,50 indicated encountered a target for 88.50 with benefit of 200 points and would seek to buy again from 88.00 to 90.00 with a stop below 87.00
Note: No update on April 29 and the next update will resume on Monday, may 2.
In the weekly ranking, despite decline in last week to 86,00, renewed buying interest emerged it as suggested in our previous update, keeping our shorterterm for upmove resume after consolidation, break resistance at the 90.00 would confirm and extend the rise of 55,06 low to 91.00and then to 92.35/40 (61.8% projection of 55, 06-88. 05 measurement of 72.00), however, believe upside would be limited to 93.70/75 (projection of 50% of 74 52-90, 00 measuring of 86,00).
Disadvantage, expect the withdrawal to be limited to 88.00 and low this week to 87.20 must organize, make such increases target aforesaid upside. Below this support would extend consolidation but only one break of the week low 86,00 Bull reporter last and suggest temporary top is probably formed, provide tracing of 85.00, then 84.45 (previous resistance), however, 84,09 (38.2% Fibonacci 90.00 74.52 tracing) should hold here.
