© Dukascopy Bank SA
Despite being a subject to a heavy selling pressure, AUD/JPY demonstrated unwillingness to plunge below a two-month low of 93.05 hit on May 21. A stab to this low provoked an accelerating advance that pushed the pair out of the bearish channel. The exit from the pattern means that a sharp advance may lie ahead. The SWFX data also bolsters this idea-almost 70% of traders bet on appreciation of the pair.
© Dukascopy Bank SA