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.