AUD/JPY 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Given the fact that AUD/JPY is trading within the boundaries of the bearish channel, the Aussie is likely to keep depreciating against the Yen. At the moment the currency pair is trading in the vicinity of the resistance trend-line, which should guide the price through the nearby supports until it reaches the lower edge of the channel. While the near-term outlook is more or less clear, there are significant upside risks in the longer-term perspective, represented by the 2014 low at 88.24. The pair must close beneath this obstacle in order to confirm its long-run bearish intentions. Meanwhile, the SWFX sentiment with respect to AUD/JPY is strongly bullish: 73% of open positions are long.
© Dukascopy Bank SA
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