AUD/JPY 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Similarly to CAD/CHF, this pair has violated the 200-hour SMA while forming the channel down as well. Still, AUD/JPY does not seem to be in a hurry to decline, fluctuating lately (30 bars) within a narrow corridor between the long-term moving average at 91.51 and the upper edge of the pattern at 91.72. Being that the pair is in the upper part of the channel, we would normally view such a set-up as bearish; however, considering that technical studies give ‘buy' signals and the supply at 91.72 is unable to push AUD/JPY for an extended period of time, we are inclined to believe the outlook on the pair is bullish.
© Dukascopy Bank SA
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