11.07.201403:59 Forex Analysis & Reviews: Forecast of AUD/JPY for July 11, 2014

Long-term review

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The pair held the 20 WSma in yesterday's session and pulled a bit high, but rejected at 50 DSma to cross above that. In Asia's session, the pair is trading at 95.03. The pair hit the six-month support trend line and closed below it. Until the pair close above the 95.25 levels, the bears will have an upper hand in the coming session. On the down side, the pair has an initial support at 94.20, 93.90, 93.60, and 93 levels. On the uppper side, the pair will get entered into the new bull phase only above 96.45, a three-month high. The medium-term reversal will take place below 93 for a steep fall up to 88.25 levels.

A day close above 95.25, bulls back on track.

Positional -

Fresh buy above 95.25 with targets at 95.50, 96, and 96.40.

Fresh sell only below 94.60-94.20 with targets between the 93 and 88 levels.

Bullish reversal above 96.50 with target at 97.40, 98.10, and 101.50.

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