AUD/JPY 1D Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Despite the bearish bias implied by the weekly and monthly technical indicators we hold a bullish outlook on AUD/JPY in the medium term. The price is expected to extend recovery from 82 yen (August minimum) until it reaches the upper boundary of the pattern at 91.50, which in turn is reinforced by the monthly R2 and 200-day SMA. However, in case resistance is breached, this will expose the May high at 97.32.
The immediate support is at 86, created by the recently established up-trend and monthly pivot point. Additional levels are at 83.39 and 82.00, while the key demand area is around 80.50, consisting of the down-trend and monthly S2.
© Dukascopy Bank SA
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