AUD/JPY 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The AUD/JPY pair has been moving in a sideways trend since late October, however just recently bulls managed to push the pair higher. This year's high stands at 96.519 now, however, the rally seems to pause for a while, as the pair retreated back to daily S1 at 95.220. Moreover, the depreciation is likely to continue soon, as indicators on a 4H chart are pointing to the south. Therefore, the pair has a potential to reach a weekly S1 at 95.011, a level which close to a strong psychological level of 95. A move below it is not likely to happen any time soon, as indicators on a daily chart are sending ‘buy' signals, meaning that long traders should keep an eye on a recent high at 95.823.
© Dukascopy Bank SA
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