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AUD/JPY 1H Chart: Channel Up

FX:AUDJPY   澳元/日圓
AUD/JPY 1H Chart: Channel Up

  • The Australian Dollar is trading against the Japanese Yen in a small ascending channel.
  • The pattern formed in the result of a 100-pips depreciation of the Aussie amid a speech delivered by the RBA Assistant Governor Kent.

  • At the moment, it consists of two reaction highs and lows and, thus, might be broken in the nearest future.
  • The fact that the pair failed to break through the 55-hour SMA near 87.01 allows assuming that the breakout will eventually occur in the southern direction.

  • If this is true, then the current channel represents only a part of a larger flag pattern.
  • In that case, the downward movement should end up only at the weekly S3 at 85.85 or slightly below it.
  • Such outcome would be in line with the general market sentiment, as 74% of traders hold short positions on this currency pair.
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