AUD/JPY 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Located in the middle of the superior two-year descending channel, AUD/JPY has set its way towards the upper trend-line with the help of an inferior upward channel. The junior pattern has been developing for more than a week now, and it gives little reason to doubt its strength until the top senior trend-line takes over. 55, 100 and 200-period SMAs provide sufficient demand for the pair to make its way further through the trend. However, approaching August highs, the rate could encounter difficulties at the 78.56 level. If the pair continues moving inside of the small channel, it will bounce from the 78.40 level today and test the bottom trend-line at 78.13 next week. The senior upper trend-line will be tested in mid-late-September then. Nevertheless, if the rate breaks the channel up and starts its way south immediately, the 20-period and 200-period SMA crossover at 77.69 will be the next target.
Back to articles

Actual Topics

Subscribe to "Fundamental Analysis" feed

Subscribe
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.