Commodity FX (CAD AUD NZD NOK)

@Pipster - the final hour of SPX and DJI were joyous! Volumes are back and it was down. I don't know as yet whether this is enough to trigger off the sell-off, I am *hoping* this could provide relief to existing shorts on JPY crosses, at least perhaps enough to book some small profits. ASX 200 futures already in -ve territory. Should be helping your AUDJPY short ;-)

@Pipster - there's more RBA speech Aust morning and some minor economic data. RBA Governor may come a hawkish - let's see. Also, ASX 200 open is now likely to mimick the DJI rally and try and force itself to go above 5,000.

This could possibly push JPY lower, thus driving AUDJPY higher?? Even AUDUSD seems to have held itself up relatively well vs. EUR or GBP.

Looking at other JPY crosses for clues:
1.

* NZDJPY closed above 38.2% fib between 2007 high and 2009 low.
* NZDJPY broke the 61.8% fib between the Jan high and Feb low. Will it close above it today or this week?

2. CADJPY - let's see where it closes, but looks pretty strong for now.

3. Gold - I have read Ashraf's latest IMT on Gold. This might drive AUD lower but AUDJPY??

I am anxious to get Ashraf and others view on possible target (intermediate / short-term) on USDJPY and JPY crosses.

letisha,

Good job on finding a possible H&S. I've just come back and looking the pair it began to fall. I've never traded crosses so was hesistant. I will wait for the neckline to break

But Austratian maybe raise rate, at the same time gold maybe get downside.

Weekly Chart, Daily Chart has the same shape.