AUD/JPY 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Following an unsuccessful attempt of AUD/JPY to sustain a rally above 96, the currency pair came under strong selling pressure. As a result, there is now a bearish channel emerging on the hourly chart. Accordingly, we are likely to see an extension of the dip from a cluster of resistances around 95.20 (weekly PP, 200-hour SMA) down to the level of 94, where the Aussie will supposedly meet the lower boundary of the downward-sloping corridor. However, AUD/JPY will have to breach a series of strong supports on its way there, including the May 5 low at 94.27, below which the exchange rate has not been fluctuating since the end of March. 
© Dukascopy Bank SA
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