AUD/JPY 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Last week we have predicted a move to 92.663, and suggested the pair will not move below pattern's support even despite ‘sell' signals from technical indicators. Since then the pair has advanced more than 160 pips. While during the last couple of hours the pair was moving towards pattern's support, it depreciation will most likely be limited by a 200-period SMA and a daily S1 at 91.753. This idea is supported by 61% of traders, who are holding long positions on the pair. At the same time, almost 70% of all pending orders are placed to buy the pair. A move above 93.034 will put a 38.20% Fibonacci retracement on the map, while key level is located at this year's high and weekly R2 at 94.543.
© Dukascopy Bank SA
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