AUD/JPY 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Australian Dollar is in a channel up pattern against the Japanese Yen, as the currency exchange rate just recently rebounded against the pattern's lower trend line at 77.20, which I support by the 23.60% Fibonacci retracement at 77.23. This movement upwards is also consistent with the larger scale channel down pattern on the daily chart, in accordance with which the rate is set to move to around the level of 80 in the upcoming months. However, recently the surge had been stopped twice by the weekly R1 at 77.36, which is the only resistance level on the pair's way to the ascending channel's upper trend line at 77.65.
© Dukascopy Bank SA
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