AUD/JPY 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
AUD/JPY appears to be forming a bullish channel in the hourly chart. However, unlike the upper boundary of the pattern the lower line is weak so far, and an additional confirmation of the trend-line is required to establish a bullish outlook. Still, the technical indicators are mostly pointing upwards, which increases the chance of 87.50 withstanding the bearish pressure. If this is not the case and the price dips lower, the Aussie will likely extend the decline down to a dense demand area circa 85.80, where the Oct 8 merges with the weekly S1 and 200-hour SMA. In the meantime, two thirds of the SWFX market participants are long the Australian Dollar against the Yen.
© Dukascopy Bank SA
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