AUD/JPY 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
While in the daily and weekly charts it is clear that we are moving within a well-defined bearish channel, there are still some 150 pips before the price hits the upper bound of the pattern. Accordingly, we expect the channel emerging in the four-hour chart to remain topical for the next several weeks, until the major resistance at 80.50 yen is touched. The technical indicators further reinforce our positive outlook. However, we should note that the Australian Dollar is strongly overbought, with 70% of the market holding long positions on AUD/JPY. And even though the advantage of bulls has been weakening lately (72% were long five days) ago, this means that the longer-term bias is in fact negative.
© Dukascopy Bank SA
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