AUD/JPY 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The spring turned to be a time of a new beginning for AUD/JPY that reversed its trend early March and since then has been unremittingly moving higher. The climb has been developing within the limits of the bullish tunnel and now is around 152-bar long.
At the moment, AUD/JPY is sitting at the 50-bar SMA at 95.75 and is likely to surpass this formidable resistance before long taken into consideration that more than 80% of market participants are bullish on the pair. To confirm this, AUD/JPY has to bounce off the short-term SMA to approach 95.87/6.19 (four-hour PP, R1; daily R1, R2), a jump above which will push a nine-month high back to the fore.
© Dukascopy Bank SA
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