AUD/JPY 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The emerging channel in the hourly chart is a new wave within the bearish channel that has been forming in the daily chart for the last 20 months. In line with this, our near-term outlook on the Aussie is strongly bearish, and during the next several weeks the exchange rate is expected to fall down to 74.50. As for the shorter-term perspective, AUD/JPY is poised to confirm resistance at 81 yen and set a course towards 78, where the lower boundary of the nascent channel is reinforced by the daily S2 level. An additional reason to hold a negative bias with respect to the Australian Dollar is the extent to which the instrument is overbought: at the moment as many as 74% of SWFX traders are bulls.
© Dukascopy Bank SA
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