AUDJPY Could Fall Sharply

Published May 25th, 2009 - 06:35 GMT
Al Bawaba
Al Bawaba

There are bearish setups in the Yen crosses, and the AUDJPY might offer the most bang for the buck.  There are 5 waves down from the May high (76.20), which suggests that the larger trend is again down (5 waves are with the trend).  A poke above 74.93 may be required to complete 3 waves up from 70.52.  The downside is favored against 76.20 and the minimum objective is below 70.52.