AUD/JPY 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Even though the currency pair managed to lift above the 200-hour SMA at the beginning of November, which generally is a bullish sign, soon afterwards the Australian Dollar started to decline. Since then AUD/JPY has been trading beneath the falling resistance line that now may be considered an upper boundary of the bearish channel, although a lower edge of the pattern has been confirmed only on few occasions and therefore is still unreliable. In the meantime, while the hourly and four-hour technical indicators are giving ‘sell' signals, the distribution of open positions is heavily skewed towards the long ones—they constitute 73% of the total.
© Dukascopy Bank SA
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