AUD/JPY 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA


The Australian Dollar is trading against the Japanese Yen in the short term ascending channel. The channel formed after the currency exchange rate broke through the neckline of the double top pattern and bounced off from the 61.80% Fibonacci retracement level, which is measured by connecting the 2016 high and low levels. For the moment, the rate it trying to reach the upper trend line of the channel facing no resistance on its way. Nevertheless, traders should watch carefully this pair, as the decreasing amplitude indicates on formation of the symmetrical triangle, which may lead to an earlier breakout.

  Level  Rationale     Indicator 1H 4H 1D
R4 85.8570 Weekly R2     MACD (12; 26; 9) Sell Sell Sell
R3 85.300 Monthly R1     RSI (14) Buy Buy Sell
R2 84.441 Weekly R1     Stochastic (5; 3; 3) Neutral Neutral Neutral
R1 83.740/46 Upper Bollinger Band;     ADX (14) Sell Sell Sell
S1 83.398/90 Monthly PP; 200-period SMA     CCI (14) Neutral Neutral Neutral
S2 83.2680 55-period SMA     AROON (14) Neutral Neutral Neutral
S3 83.244/31 Bottom Bollinger Band; Trend line     Alligator (13; 8; 5) Buy Buy Buy
S4 83.1080 Weekly PP     SAR (0.02; 0.2) Neutral Buy Sell
          Aggregate

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