AUD/JPY 4H Chart: Several channels at play

Source: Dukascopy Bank SA

Indicator 4H 1D 1W
MACD (12; 26; 9) Buy Buy Sell
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3) Neutral Neutral Neutral
Alligator (13; 8; 5) Buy Buy Sell
SAR (0.02; 0.2) Buy Sell Buy
Aggregate

The Australian Dollar has been moving in several channel down against the Japanese Yen. The most important of which is the medium-term descending channel form on June 7 and has guided the currency pair lower.

During the past few days, the exchange rate has been trading sideways within the range of 81.73 and 80.77.

Given that the AUD/JPY currency exchange rate has breached the upper boundary of the descending channel, the nearest target for the pair could be a strong resistance level near 82.62 set by the combination of the 55-,100-,200-hour SMAs and the monthly and weekly PPs.

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