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Intraday update: AUD/JPY + 4.23% intraday!(280 pips)

By Sean Hyman | March 31, 2009

AUD/JPY c9ntinues to charge higher. This morning when I alerted you to it, it was up 194 pips on the day. Now it’s up about 280 pips on the day! So that’s about another 90 pips per lot traded!

It pays to watch where the intraday momentum is headed and who’s leading the pack, when you are an intraday trader.

The yen continues to weaken across the board. Upon looking to their daily charts, it appears that there could be more room to go in the upcoming days to weeks overall. So the bias should be to the upside and in looking for buy signals rather than shorting opportunities since that’s the way the overall momentum is positioned.

Also, watch USD/JPY to see if it can make it back up above its 200 SMA (simple moving average) on its daily chart. If so, this could be great for the intraday trader and swing trader. Be patient and wait to see. Click on the chart to enlarge it.