AUD/JPY 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Within the last 100 trading hours AUD/JPY has managed to breach the 200-period SMA and confirm it as a current support level, forming the bullish channel in the meantime. However, for now, until the lower boundary of the pattern is tested a few more times, we would rather trust the up-trend resistance line when estimating the most likely reversal points.
All in all the outlook on the pair is bullish, given the scenario implied by the formation and being that 73% of all the positions on AUD/JPY in SWFX market are long.
© Dukascopy Bank SA
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Tue, 02 Jul 2013 07:47:04 GMT

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