AUD/JPY 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Although AUD/JPY seems to have formed a high-quality channel, being short is risky. The reason is a solid demand area near the psychological level of 80 yen, which has already managed to prevent several attempts of the pair to go lower. A close beneath this mark will be a strong 'sell' signal. As for the one-two day perspective, AUD/JPY is set to complete its upward correction, which has the potential to extend up to the upper trend-line of the pattern at 81.60/55. However, the bulls might stall between 81.20 and 80.90, being that this resistance zone consists of the daily R1, weekly PP, and 200-hour SMA. Meanwhile, the bullish scenario is unlikely due to the sentiment—71% of positions are long.
© Dukascopy Bank SA
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