AUD/JPY (+143)

with the market staying resilient toward news from Greece (except eur pairs) we could expect another wave of buying commodities currencies (AUD,NZD,CAD) On 1h chart we can see formation of inverse head & shoulders formation what from technical stand point is bullish formation. With a weekly low of April 3rd, 2010 85.27 serving as a support, stops should be placed bellow (mind the spikes low) Targets should be placed above 87.50 and if taking Head & Shoulders patter for the full effect it should be placed above 88.00
AUD suffered earlier from RBA Gov. Stevens speech what was perceived as dovish (less optimistic speech than it was expected)