Daily Chart Art – August 5, 2010

AUDJPY: 1-hour

PoD Chart

Up, down, up, down… That’s how AUDJPY has been moving starting last week. There appears to be a shallow falling trend line acting as resistance for the pair and, at the same time, there’s a rising trend line serving as support. With the pair sitting close to resistance and with stochastics at the overbought region, downward price action could come up next. If the pair slides down, the pair might find support right around the 77.75 to 78.00 area. But if the rising trend line support fails to hold, the pair could drop all the way down to the next support level at 75.65.

EURJPY: 1-hour

PoD Chart

Check out that symmetrical triangle on EURJPY y’all! Snappy eh? But it looks like it’s still a coin toss between the bulls and the bears. Who do you think will win the joust? Stochastics side with the bears indicating that the pair is overbought. Uh oh. But don’t fret! I have a good feeling that if the bulls manage to hold on to their gains and push the pair past the 114.00 handle, they’ll get the upperhand.

GBPJPY: 1-hour

PoD Chart

The pair is once again testing the minor resistance level after getting rejected yesterday. Fortunately for the bulls, the 136.00 handle offered some support. Whew! Stochastics on the one hour chart suggest that the pair may still be in for another rejection. After failing twice to successfully trade past 137.50, will the third time be the charm for GBPJPY?