AUD/JPY 1H Chart: Channel Down

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Source: Dukascopy Bank SA
Having reached a pattern's upper trend-line, the pair changed its direction to the north. A stab to the lower boundary of the channel down pattern prevented the pair from a further decline that may have taken the pair well below the current level.
Now AUD/JPY is moving towards its daily R1 at 87.82 that, if overcome, may trigger tests of daily R2 and 200-hour SMA at 88.20 and 88.39, respectively. A rise above the 200-hour SMA would suggest on-going rally of the pair. Market players also are optimistic about the currency couple as the proportion of long positions is 55.88%.
© Dukascopy Bank SA
© Dukascopy Bank SA
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