03:49 AUD/JPY: Well Within Ichimoku Cloud, Break Up Sooner Or Later Tokyo, February 18. AUD/JPY is currently trading towards the middle of its 97.02-100.43 Ichimoku cloud, and is likely to break out to the upside perhaps sooner rather than later. A break above is almost a foregone conclusion at this time with the cloud descending precipitously next week. Next Tuesday, the cloud will have moved down to between 94.70-97.61 and below current levels. This being the case, attention will turn to the gradually descending 100 and 200-day moving averages. They are at 99.00 and 99.84 today, and will provide resistance going forward. breaks above should seen stops tripped. As jitters over the credit markets continue to recede, higher-yielding AUD and NZD look to remain the currencies of choice for not only Japanese but other investors. AUD/JPY is currently indicated at 98.55/65. Support below is seen at 97.65, lows seen early this morning, and then at 97.00-10, 97.02 the base of the Ichimoku cloud today. The top of the cloud is at 100.43 today.
Don
