AUD/JPY 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The overall interest to the Aussie is waning, while Japanese Yen has received a strong bullish bias from the fundamental data. The AUD/JPY currency pair has been fluctuating around pattern's support since May 5. Strong GDP figures from Japan were able to pushed the pair from weekly R1 to the 200-period SMA, and according to technicals on the 4H chart, the retest of the lower boundary can be expected. However, keeping in mind strong support at 95.095, represented by weekly PP and daily S1, as well as ‘buy' signals on the weekly chart, the penetration of the lower trend line is unlikely. Therefore, the long-term outlook is bullish.
© Dukascopy Bank SA
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