AUD/JPY 1D Chart: Channel Up

The Australian Dollar is appreciating against the Japanese Yen in a medium-term ascending channel. The formation represents a rebound of the currency exchange rate from the bottom trend-line of the preceding descending channel. By this moment, the pattern has made two confirmations from the top and two from the bottom, which indicates that a new figure might start to form in the nearest future. In this context, the last two trading weeks showed that the currency rate, first, found a support at the monthly PP at 82.88 and then at the monthly R1 at 83.98. Such movement of the pair allows drawing a support line of the rising wedge. As a reversal pattern, it is supposed to push the rate downwards. However, even in this case the pair most likely is going to remain within the medium-term channel.