AUD/JPY 30M Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
AUD/JPY traded inside the bounds of an ascending channel for the lasts six days, and appears to have now found some stickiness along the bottom trend-line of the pattern. The pair could now either continue its way inside of the pattern and target the upper boundary at 87.08 next, or put up another attack at the bottom boundary and ultimately manage to dive underneath. The daily Pivot Point has been providing solid support at 86.11 and could put up a battle after the bottom boundary is broken. A continued surge would, however, bump against 86.68 and then 86.77, lose some momentum, but ultimately keep the target at 87.08.
© Dukascopy Bank SA
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Tue, 13 Dec 2016 15:14:17 GMT

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