AUD/JPY 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
AUD/JPY has been in a distinct up-trend since Oct 16, when the currency pair stumbled upon a strong demand area at 91.80. As a result, there is an upward channel emerging on an hourly chart, meaning the overall outlook is bullish. But in the short term the Aussie is about to face some selling pressure, since it is approaching a cluster of resistances located just beneath 96. Accordingly, it might be a good idea to wait for AUD/JPY to undergo a correction and retreat to the up-trend at 95.20 before going long. Meanwhile, the sentiment of the SWFX market is only a tad more bullish than bearish—54% of positions are long and 46% are short.
© Dukascopy Bank SA
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