AUD/JPY 1D Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Although AUD/JPY is currently advancing north, it is doing so within the boundaries of a bearish channel. In the short run the outlook is positive. The price is expected to rise up to 92 yen as a result of an upward correction. This, however, should be the rally's upper limit, as the currency pair will hit a solid supply area, implied by the August high, 200-period SMA, monthly R2 and also the major resistance down-trend line. The Aussie should then target a cluster of supports at 79.50. In case of an unlikely scenario, namely a breach of 92, the exchange rate will have a good opportunity to re-test May's high at 97.30. Additional resistance is at 102.85, represented by the 2014 high.
© Dukascopy Bank SA
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