AUD/JPY 1H Chart: Channel Down

The Australian Dollar is losing value against the Japanese Yen in a two weeks long descending channels. The formation represents a rebound of the currency exchange rate from the upper trend-line of a preceding ascending channel. Except for the little overstep beyond the pattern's boundary in the last day of July, the channel has four distinctive confirmation points. In addition, during this week the currency pair was moving along the 55- and 100-hour SMAs, which regularly blocked the path to the north. For this reason, a rebound from the pattern's northern boundary later this day seems a feasible scenario. However, even if the pair succeeds to break to the top amid the positive macroeconomic figures from Australia, the daily surge most likely is going to be limited by the 200-hour SMA.