AUD/JPY 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
AUD/JPY appears to be a good buy right now, considering that it retreated to 95.70, where the price is supposed to be underpinned by the rising trend-line and weekly pivot point. The currency pair is expected to turn around here and then surpass the May 14 high while on its way towards the upper trend-line of the pattern at 99.00. Alternatively, if the support level fails to trigger sufficient buying, the sell-off will likely extend at least down to 94.50, where the weekly S1 merges with the May 11 low. A stronger demand area is at 93.50, created by the May 5 low, monthly PP, and 200-period SMA. As for the sentiment in the market, most traders expect the Aussie to appreciate, namely 74% of them.
© Dukascopy Bank SA
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