Daily Chart Art – February 28, 2011

AUD/JPY: Daily

AUD/JPY Chart

Are those double dojis I spot on the bottom of the rising channel? Why, yes they are! The daily chart of AUD/JPY shows that the pair has been trading within a rising channel for a few months now. With the appearance of the double dojis and Stochastic moving up, it looks like the pair’s headed for the top of the channel again! If you’re bullish on the pair, now is a nice time to buy and aim for the most recent high.

GBP/JPY: Daily

GBP/JPY Chart

Now here’s a lil’ Fib action for ya! GBP/JPY has been popping out red candles for the past few days, but is currently stalling around the 131.75 area. Hmm, is it because the level is also the 38.2% Fibonacci retracement level? Watch this pair closely if the pair will encounter support at the level, especially since Stochastic is already nearly oversold. If the bears decide to continue their feast, then the 129.50 handle might be a good target. But if the bulls suddenly take charge, then you can aim for the previous high at 135.00.

EUR/JPY: 4-hour

EUR/JPY Chart

So yen pairs DO react to psychological handles! On EUR/JPY’s 4-hour chart I see that a nice range is forming between the 114.00 and 112.00 handles with the 113.00 level also serving as a good support and resistance area. With the pair testing the support at 112.00 and Stochastic hanging around the oversold region, you might want to get ready for a bull run!