AUD/JPY 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The outlook on AUD/JPY is bearish both in the short and long terms. The pair has recently confirmed the 200-hour SMA and the upper boundary of the channel at 81.76, and now the rate is moving towards the lower trend-line at 78.79. The negative bias is also confirmed by the technical indicators that are sending ‘sell' signals in the four-hour and daily timeframes. At the same time, the distribution between the bulls and bears in the SWFX market is heavily skewed in favour of the former, meaning there is plenty of room for additional supply. Above 81.76 the Aussie should target the weekly R1 at 82.62, and in this case we would not rule out an extension of a rally to the weekly R2 at 84.93.
© Dukascopy Bank SA
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