AUD/JPY 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
While against the Kiwi, Australian currency is constantly falling, versus the Japanese Yen we can observe a sideways movement for the last half of the year. Pair's further performance cannot be predicted so easily, as technical indicators on a 4H and weekly charts are sending ‘sell' signals, while market sentiment is 69% bullish. Nevertheless, a move to pattern's support will be interpreted as a ‘buy' signal, as it will be extremely difficult to penetrate a strong psychological support level at 0.91 also supported by a weekly S1 and pattern's support, which are both just 20 pips lower. Most likely, the pair will move above 200-period SMA and head towards a weekly pivot at 92.663.
© Dukascopy Bank SA
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