USd/JPY: Weekly Technical Analysis For July 21-25, 2014

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The AUD/USD traded higher in the early days of the previous weeks trading session but quickly trimmed loss and ended lower at the close of the week. We have a double bottom formation on the 4 hours charts , however 21 and 55 MA crosses signals a bearish trend in formation. RSI, MACD and SSRC oscillators are always showing more supply is expected in the pair. A clear break of 100.812 support would bring more fall in the pair to 99.780. The pair seems to have been in a range bound since February 2014 on the daily charts. However, a clear break of 101.778 resistance would dampen the downside and resume another medium term rise again.


Key economic indicators to watch out for in the coming week that would drive the pair is the US Core Cpi, New Home Sales, Existing Home Sales and Core Durable goods Orders.


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