AUD/JPY 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After a sharp appreciation ended early April, AUD/JPY took a break to trade near a record high of 96.14 during several weeks. However, the pair stopped swinging between small gains and losses early May when it commenced a clear bullish trend.
At the moment, AUD/JPY is meandering near the upper limit of the tunnel and may even try to surpass this formidable resistance given that almost 70% of all orders are placed to buy the pair. If this comes true, we are likely to see an accelerating advance that is capable of pushing the currency couple above the recent peak.
© Dukascopy Bank SA
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