AUD/JPY 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
As the bears have been able to pierce through several vital supports on Friday, we expect them to be in a good position to commence an ever deeper sell-off. The only daily support left is daily S3 at 79.41. In case this one is breached, the next demand will only be offered by the February 11 low and weekly S1 at 77.58. Given that the Aussie remains overbought, as too many positions are still long (70%), we foresee no major obstacles to stop a decline on the pair's way down. The 77.58 mark may provide a short-term buoyancy to AUD/JPY, but expectations will be pessimistic in the long run. The green boundary should eventually be tested at 75.61, from which a fresh up-leg has a higher chance to materialise.
© Dukascopy Bank SA
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