AUD/JPY 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
AUD/JPY is approaching the lower boundary of the recently formed channel, meaning the outlook on the pair is bullish both in the short and long terms. The price is expected to bottom out near 88.25/00 and start a recovery. The first resistance in this case will be the monthly R1 at 88.74, followed by a more important level at 89.13. The counter-arguments are the facts that the market is overbought (72% of positions are long) and the weekly indicators are bearish. If support at 88.00 is insufficient to stop the sell-off, the focus will shift to 87.50/25, where the weekly S1 merges with the 200-period SMA. Additional support will be only at 86.50, represented by the Nov 10 low.
© Dukascopy Bank SA
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