© Dukascopy Bank SA
Because a week ago AUD/JPY found a strong support at 92.31, the currency pair has managed to form an almost 150-bar long channel up pattern on an hourly chart—even the 200-hour SMA has proved to be unable to stop the advancement, only to delay it for a brief moment.
Right now AUD/JPY is undergoing a bearish correction, following a confirmation of the up-trend resistance line at 94.61. For the positive outlook to remain intact, however, the current setback should be limited by the support at 93.73, the present location of the daily S1 and the lower up-trend.
© Dukascopy Bank SA