AUDUSD hits Target and GBPJPY Looks Overbought

 AUDUSD hits Target and GBPJPY Looks Overbought

AUDUSD hits Target and GBPJPY Looks Overbought

AUDUSD hits target & GBPJPY looking over bought

Following Mrs Yellen’s dovish comments last night and the subsequent commodity rally and pressure on the USD, our March 23 AUDUSD trade achieved its Daily target, (+102 pips).

However, following the sharp run up over night and this morning and it looks like some of the commodity currencies are getting a little toppy, especially the AUD and CAD.

Another currency pair that has a good run on the 240 min. chart is the GBPJPY, this maybe looking for a retrace before more possible upside. An initial target around 161.20 (20Day Moving Average), 161.00 and further out to 160.60  from current 161.85 levels. A recent high of 162.50 areas provides a stop area and a risk reward of around 1.

Janne Muta

Chief Market Analyst

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About Janne Muta, HotForex’s Chief Market Analyst

jmutaJanne Muta is a seasoned industry professional with over 16 years experience in the global markets. Originally from Finland, Janne has worked for institutions in both Helsinki and London as an institutional fund manager, global market analyst and FX educator.

Traders and fund managers from around the world have benefited greatly from Janne’s technical analysis methods. The indicators and price action based trading models he has developed, have, after rigorous testing, proven to be invaluable in identifying high probability trades.

“My mission is to help you to become a confident and successful trader”

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