AUD/JPY 1H Chart: Channel Down

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Source: Duakscopy Bank SA
© Duakscopy Bank SA
Having hit a four-month high on October 22, AUD/JPY reversed its trend to the south, shaping a channel down pattern that started two days after the peak was reached. The pattern is relatively short, only 91-bar long; however, there are no cues suggesting that the pair may attempt to breach the pattern soon, meaning that the trend may appear enduring and AUD/JPY will prolong the pattern. Although market players are bullish on the pair in 62.86% of cases, AUD/JPY is trading close to the midpoint between pattern limits and even a slight appreciation in future is likely to fail to give impetus strong enough to send to pair to the pattern's resistance.
© Duakscopy Bank SA
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