AUD/JPY 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
AUD/JPY received a strong bullish impetus, after challenging the major level at 94. Since then the currency pair has been in the up-trend. However, at the moment the pair is hovering near the lower trend-line, thus strengthening the bearish break-out scenario. At the mean time, the technical studies are neutral. Nonetheless, since this is a reversal pattern and since the AUD/JPY cross is trading near the lower boundary it is increasing the possibility of a break-out to the downside. The traders' sentiment is strongly bullish as 73.76% of them expect the Australian currency to outperform against the Japanese Yen. The short-term outlook remains bearish.
© Dukascopy Bank SA
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