Hi, trend and day traders. I have been looking at aud/jpy pair today. As you may see from the charts it (as well as other Yen pairs) has been falling lately. Yen has been growing strong due to weakening oil prices, which may fall once again this week. This maybe good news for Yen and US dollar and bad news for commodities and commodity currencies such as Australian dollar, Canadian dollar and New Zealand dollar. It should be good for an average consumer like you and me who are influenced by inflation that has been rising due to printing of money and high prices in commodities.
As you may see oil is at some short term resistance now and will probably continue falling. This could influence aud/jpy and it will fall with the commodity too. However, I see some support coming at around 77.00 level (in aud/jpy) and 75 (in oil). I would wait for a reversal pattern at around 77.00 level (head and shoulders or 123 structure) on 5 or 15 minute chart around the area. If you study eur/jpy or gbp/jpy or other Yen pairs you will see that most currencies are at multi year lows against Japanese Yen. This tells me that the trend may change soon and Yen will collapse.
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