AUD/JPY 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
After staying flat for some time, AUD/JPY currency couple soared to 93.317, advancing more than 160 pips during the week so far. Regarding the possible outlook, the uptrend is likely to persist. At least in the short term, as market sentiment is strongly bullish (73%). However, technical indicators on three different timeframes are neutral, suggesting a sideways movement. Nevertheless, there are no obstacles for the pair to continue appreciating. In case this scenario will work, the first stop for the long traders could be found at 93.369, represented by a weekly resistance, while just 30 pips higher a Fibonacci retracement is placed, hence the pair can advance for at least 40 pips in the nearest future.
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